2/26/2013: Germany set for shale drilling; Congress set for private screening of "FrackNation"
Germany agrees on fracking regulations, with conditions - "German Chancellor Angela Merkel’s government agreed on draft regulation to allow the tapping of shale gas via hydraulic fracturing, or fracking, a practice the opposition says may harm the environment. The legislation would outlaw fracking in water protection areas and near drinking water wells and would make environmental impact studies mandatory for new projects, Environment Minister Peter Altmaier and Economy Minister Philipp Roesler said in a joint letter obtained by Bloomberg News. The measures would permit the technique in non-restricted areas and provide “a unified legal situation,” the ministers wrote. “This offers a good perspective for the future even if we should wait to see the actual progress,” Roesler said in a statement e-mailed today by his ministry in Berlin. While fracking offers “significant opportunities, we must always keep in view possible effects on the environment.”...Merkel’s government is keen to develop domestic energy sources as it closes nuclear plants by 2022 and shifts to renewable power. While a successful drilling campaign would redraw the energy map across Europe, a continent reliant on Russia for about a quarter of its gas, public opposition means little headway has been made on fracking in Germany...“Excluding drinking water protection areas is just for show,” Krischer said in an e-mailed statement. “It means that fracking is allowed on more than 80 percent of Germany’s landmass.” (Bloomberg)
Denham Capital Management wants to reenter shale industry - "The energy-focused private equity firm is considering another investment in the Marcellus Shale formation following a successful investment in 2009 alongside Alta Resources, Jonathan Shieber reports exclusively for LBO Wire. Parish Capital Advisors Partner Tracy Harris has joined Credit Suisse Customized Fund Investment Group as a vice president, focusing in part on NC Innovation Fund, a $230 million state-specific investment partnership the group manages for North Carolina Retirement Systems, Hillary Canada reports." (Wall Street Journal)
Phelim McAleer takes FrackNation to Congress - "McAleer will screen his film “FrackNation” at “an event for the House Committee on Science, Space, and Technology, Subcommittee on Environment,” according to an email from McAleer... “It’s important that politicians educate themselves about fracking. It’s the future of American energy,” writes McAleer in the email promoting Tuesday’s screening. “With all the lies and misinformation out there, we’re excited to bring the truth about fracking to Capitol Hill.”...McAleer says Tuesday’s screening is closed to the public, “but many lawmakers and staffers will be in attendance.” (Politico)
Ukraine seeks shale deal with Chevron - Ukraine is seeking to sign a shale gas production-sharing agreement with Chevron Corp. (CVX) within two months after winning over local opposition to drilling for the fuel as the nation speeds up efforts to cut reliance on Russia. Local authorities in regions where Chevron plans to start drilling have withdrawn objections, on environmental grounds, to the development, Ecology and Natural Resources Minister Oleh Proskuryakov told a conference in Ukraine’s capital of Kiev. Chevron may start drilling at the field, in the western regions of Lviv and Ivano-Frankivsk, by the year-end, Proskuryakov said. Ukraine, dependent on Russian natural-gas imports for more than 60 percent of its needs, is seeking to diversify supplies. Royal Dutch Shell Plc signed a production-sharing agreement to develop shale last month after Chevron won a license for the Oleske field in 2012. The government plans to sign an extraction deal for the Skifska field on the Black Sea with an Exxon Mobil Corp.-led group within six months, Proskuryakov said. (Businessweek)