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OIL AND GAS
French lawmakers back oil, gas production ban by 2040
by Staff Writers
Paris (AFP) Oct 10, 2017


France's lower house of parliament gave its overwhelming backing Tuesday to a ban on producing oil and gas on French territory by 2040.

The ban is largely symbolic as France imports around 99 percent of its oil and gas, but Paris hopes the move will inspire bigger producers to follow suit.

The national assembly passed the bill by 316 votes to 69.

"France is on an unstoppable path to scrapping fossil fuels," said Nicolas Hulot, the high-profile green activist named by President Emmanuel Macron as his environment minister in May.

No new permits will be granted to extract fossil fuels and no existing licences will be renewed beyond 2040, when all production in mainland France and its overseas territories will stop.

France extracts the equivalent of about 815,000 tonnes of oil per year -- an amount produced in a few hours by Saudi Arabia.

But the centrist Macron has said he wants France to take the lead as a major world economy switching away from fossil fuels -- and the nuclear industry -- into renewable sources.

His government plans to stop the sale of diesel and petrol engine cars by 2040 as well.

Above all the ban will affect companies prospecting for oil in the French territory of Guyana in South America, while also banning the extraction of shale gas by any means -- its extraction by fracking was banned in 2011.

The bill includes a few exceptions to the ban, including the capturing of gas from mines, which is considered desirable for security reasons.

The extraction of fossil fuels for research purposes may also be extended beyond 2040.

OIL AND GAS
Liquefied natural gas may carve out a niche in India
Washington (UPI) Oct 9, 2017
Liquefied natural gas could help satisfy growing energy demands in India, especially if commodity prices continue to improve, Wood Mackenzie found. In its October forecast, the Reserve Bank of India predicted inflation would hold steady at 4.5 percent through 2019 and real gross value added growth, the grand total of all revenues, should increase from 6.7 percent through 2018 to 7.4 per ... read more

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