Good morning and Happy Friday! Before all of you roll into the weekend’s festivities head first, I have a few news stories from last night and this morning for you to dive into.
Here they are:
Ineos Shale Says It Won’t Drill If It’s Not Safe
Rigzone reports that Ineos Shale is making a conscious effort to increase safety while drilling. The statement was made during a live Q&A on Twitter, where the company repeatedly reinforced their dedication throughout the session.
“We won’t get our permits to drill unless we can prove what we’re doing will be safe, not just through drilling, but in aftercare too,” they wrote on Twitter.
Ineos Shale is actually a company from the UK with interests in North and South Yorkshire, Cheshire, and the East Midlands.
“As we close our coal and nuclear power stations, we will need to find environmentally friendly alternatives if we want to keep our homes warm and the lights on,” Tom Pickering, Ineos Shale Operations Director, said back in January.
US Crude Inventories Rise Only Slightly In Seventh Straight Week
The Oil and Gas Journal reports that US commercial crude inventories increased 600,000 bbl this week, however, this has nothing on the previous two weeks, where we jumped 13.8 million bbl and 9.5 million bbl respectively.
This was a bit of a surprise to analysts surveyed by The Wall Street Journal, who expected a 3.4 million bbl rise for the week ending on February 17.
So, is the oil and gas recovery slowing down already?
It doesn’t look like it. If anything’s clear, it’s that distillate fuel inventories and motor gasoline inventories are both at their upper limit of the average range for this time of year. If anything, we just bit off more than we could chew.
UK Government Pension Scheme Ditches Oil and Gas Investments
The National Employment Savings Trust (NEST) is shifting almost 10 percent of its investments to renewable energy. NEST named Shell and ExxonMobil as the two major companies where they’re focusing on scaling back investment.
The news is especially notable, reports the Guardian, because NEST is a public body set up by the government. It handles retirement funds for 4 million UK workers, with spending power worth £1.5bn.
“This move sends a strong message to companies NEST invests in that it expects to see measurable progress towards environmental sustainability,” a NEST spokeswoman said.
However despite this news, NEST isn’t pulling all of its funds from oil and gas companies just yet, they’ve just started that process.
And just like that, the week’s over for me! Well, not quite, but you know. Make sure to tune into Doug Krintzman’s Nightly Surge tonight before you head off to do whatever it is that you have planned for tonight (my plans are to sleep like a rock). See you Monday!