Covering an area the size of Belgium, Argentina’s Vaca Muerta oil and gas field comprises the second-largest known reserve of shale gas and the fourth-largest reserve of shale oil in the world. During the COP27 climate conference in Egypt, the international environmental NGO 350.org issued a warning that exploiting the field’s full reserve could unleash a veritable “carbon bomb,” accelerating already quickly rising global temperatures while putting agreements to hold to a 1.5 degree rise out of reach. Now, in the wake of the world’s reaction to Russia’s invasion of Ukraine, drillers are accelerating fracking activities as producers rush to backfill missing energy supplies. Supported by international investment banks and their partners, new pipelines and liquid natural gas terminals are enabling Argentina’s toxic hydrocarbons to capture long-term global supply contracts. 350.org’s Latin American Managing Director, Ilan Zugman and 350.org’s Senior Latin America Campaigner M. Victoria Emanuelli along with lead blogger Michael Buchsbaum review the situation.
Following changes to tax legislation, fossil gas is now flowing out of the Black Sea where an estimated 200 billion cubic meters of climate killing methane could be tapped. While drillers look further, homeowners and businesses are installing solar panels at record rates as “prosumers” look to cash in. Lead blogger and podcaster, Michael Buchsbaum reviews the nation’s energy transition in this edition of the Romanian Power Move.
On February 24th, 2022, Russia launched a wide range of attacks on Ukraine. The invasion has left the European Union desperately searching for alternative energy sources to replace Russia’s fossil fuels. As a result, the invasion has also led to global fluctuations in crude oil prices, which directly impact fuel prices, so the higher crude oil prices are, the higher gas prices are likely to be. Samuel Ajala takes a closer look on how these circumstances affect Nigeria.