FRACKING ADVOCATE CALLS FOR DAVID CAMERON TO PUSH AHEAD WITH SHALE OIL AND GAS
Chris Faulkner, CEO of Breitling Energy Corporation based in Dallas, Texas, and known by the media as the ‘Frack Master’, will be available for interview in London on Monday and Tuesday next week, May 18 and 19, when he gives a presentation at the 8th Annual Platts Global Crude Oil Summit.
Faulkner is calling for the UK to push ahead with exploration of its potential shale oil and gas reserves. He said: “With a decisive victory under his belt, David Cameron should ignore the falsehoods and exaggerated risks promoted by misleading environmentalists and do what is right for the country’s future.”
“What’s key here is that the UK can gain independence from foreign oil and gas by developing these potentially massive resources under its own soil.”
According to a University of Manchester research study released last fall, the UK could potentially have as much as 470 years of natural gas supply from its shale.
“Instead of relying on Russia’s instability and distemper, England could now be in a position to create a self-reliance for not decades….for centuries. If this report is anywhere near correct, and I believe it is based on the reputation of the institution, this is a story that should be heard around the world. No other nation has that much potential supply,” Faulkner says.
“It will take bold leadership on the Prime Minister’s part to stand up to these people who falsely believe this great country can fuel itself with just windmills and solar panels. Last time I was here, I challenged an environmentalist to come to Texas and see our operation. I’d pay for the trip, but she can’t travel using any mode of transportation that consumes fossil fuels. That’s the world she wants for the U.K. I haven’t heard from her,” Faulkner added.
World oil prices
Chris Faulkner is traveling to London on the heels of a week-long trip to the Middle East, where he spent two days in media interviews from an interested local press regarding his views on OPEC in light of recent reports that Saudi Arabia and other member countries are burning through reserve cash faster than anticipated.
“The current environment can continue for a little while longer, but it is not sustainable. Saudi Arabia is playing an international game of chicken and it’s a very risky proposition. No country is going to have its head held underwater longer than they can breathe and that’s basically what Saudi is doing to the other OPEC countries. Why? Just to prove a point, he noted.”
Reports just released indicate Saudi Arabia is racing through its estimated $750 billion reserve cash at a faster pace than anticipated. According to news reports released last week, the Kingdom is spending over $15 billion per month, and foreign exchange holdings in its central bank dropped from $755 billion to $708 billion in March.
Faulkner added: “Saudi Arabia’s social programs cannot be sustained at these oil prices. The Kingdom needs upwards of $90 per barrel just to break even. Are they going to deplete assets that took decades to amass, just to ‘teach someone a lesson?’”
With the recent administrative changes King Salman initiated, combined with the news that Saudi alone has increased its total rig count by 30% over the last 12 months indicates a Kingdom more in distress than in control.
“Why are they drilling more? Do they think they can force prices down further, to their own detriment?” Faulkner asks. “What they’re doing isn’t sustainable and eventually shale production from the US and Mexico and tar sands production from Canada will catch up with them,” Faulkner predicts. “We’ve never seen Saudi standing alone like this before in modern history. They’ve basically been abandoned by the Obama administration, and will face one of the greatest threats in their history as it appears our Administration will be turning a blind eye to Iran’s nuclear program, and we all know what that outcome will be.”
Faulkner advocates what he calls “NOPEC”, which is an organized North American energy federation between the US, Canada and Mexico to orchestrate production that could help stabilize world oil prices. “OPEC has become almost insignificant because of the new resources in North America. They don’t have the moxie they used to and it’s time to end this madness of a Middle Eastern bully who pushes the rest of the world around with oil,” Faulkner says.