It would be hard to find a natural gas project as cynical as the Yamal project in Siberia. The basic reason it exists at all is to take advantage of warming seas to open up a sea route to North East Asian LNG markets. The project has cost $27 billion before producing anything. It surely is using fracking to produce gas of course since that is the new normal today. The first step of construction involved building an airport. Novatek’s Deputy CEO Mark Gyetvay appeared to be actually serious in the two presentations I’ve seen him do in London when he helpfully pointed out that since the Yamal is already at -50C most winter days, the CO2 footprint of the liquefaction process is a great advantage. The LNG tankers used are actual icebreakers.
Opponents of UK onshore gas have consistently said it won’t make any money. Well here goes that theory.
Cuadrilla Resources is getting closer to getting gas out of the ground each week, and this from Australian Financial Review reveals that a new investor in AJ Lucas, which owns 45% of Cuadrilla, sees the Lancashire Bowland as a now being a billion dollar shale play. OK, that’s Australian dollars which is US$ 785 million, but still far less an exaggeration than London buses run on coffee grounds for just one recent story.
Cuadrilla is owned by 45% Riverstone, 45% AJL and ten percent from the founders. Continue reading UK Bowland Shale worth $1 billion.