How The Oil-And-Gas Industry Is (*BLEEPING*) Up The Shale Gas Deal

From Aguanomics (bolding by EleBlog) –

In early 2000, the Ladyfern natural gas field in Northern British Columbia had the potential to become one of BC’s top natural gas producers for many years to come. But only 3 years after production commenced, many wells had dried up and production was rapidly declining. So what went wrong?

A land rush triggered by leaked resource information lead to overspending in the millions on land claims, infrastructure, transportation, labour, and lawsuits.

Due to an overabundance of greed and lack of regulation and planning, competing companies raced to out produce each other while knowing full well that such high speed gas extraction from the same source could reduce long term recovery by “damaging” the gas reservoir.

By 2003, production had decreased by 40% due in large part to over exploitation of the deposit. A few years more and the gas had all but run out.

Source: http://electricalcontractor.com/?p=13429

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