Latest Energy Stories

AFRICA:

OPEC Pays Last Tribute to Barkindo as Secretary-general. Following the death in his home country Nigeria on Tuesday, July 5, 2022, OPEC boss, Barkindo who spent over 40 years working in the oil and gas industry, was laid to rest in Yola, Adamawa State on Wednesday, July 6, according to Islamic rites. OPEC sent special tributes.

Report: Africa Energy Forum AEF estimates that Nigeria, Algeria and Egypt will account for 80% of Africa's LNG production from 2022 to 2025.

Tanzania becomes the first African country to use electric train. Tanzania on July 4 began testing its new electric rail line as part of its commitment to reducing carbon emissions by moving away from diesel-powered trains used by its regional peers. The country is currently in agreement with Turkish and South Korean firms to ensure the full rollout of environmental friendly locomotives.

NNPC to Establish Automotive Ethanol fuel Refinery in Kogi.  An automotive biofuels scheme which will ensure the production of ethanol fuel from sugar cane is underway in Ike-Bunu in Kabba/Bunu LGA of Kogi State. The project is undertaken by oil company in partnership with CONTEC Global Energy Ltd and the Kogi State government.

Tensions in Libya Gets Out of Hand. The tension caused by heavy street protests in Libya has reached an uncontrollable level as protestors not only continue blocking or invading oil infrastructures but have also stormed the parliaments of both the Tripoli and Tobruk governments, calling for power cuts across the North African country. A similar situation is seen in Ecuador where for weeks now, protests have rocked the small South American country over unbearable energy costs.

Umana Umana has been handed the portfolio of the Ministry of Niger Delta Affairs. In a bid to reshuffle his cabinet upturned by some members who resigned to pursue their political interests during the primary elections that were held lately, Nigeria's President Buhari has appointed Umana Umana, among 8 others after rigorous screening by the parliament, as Minister of Niger Delta Affairs, a position where he'll be expected to address the age-long yearnings of the people of the oil-rich region.

EUROPE:

Germany Reviews Bailout Policy to Help Energy Firms in Need. Last week I mentioned to you ongoing talks between Uniper and the German government about a possible financial bailout, today Berlin has revamped the legislation that would allow it to offer bailout packages to firms in need, very much after the nature of the pandemic relief it gave to famous airline Lufthansa.

Trafigura Adds Lead to Metal portfolio. In addition to its assets in zinc, international trading major Trafigura has bought German lead firm Ecobat Resources Stolberg (ERS), which is undergoing reconstruction following a 2021 flood, moving in to become a key supplier to Europe’s battery producers. 

VW Unveils a $20 Billion Battery Cell Scheme. German carmaker VW has begun the construction of a  battery cell plant in Salzgitter (SalzGiga) in an investment which could swallow over 20 billion in the battery business, across six factories in Europe and two in North America. 

French Power Sector Leader to get Nationalised. Amidst soaring electricity prices, the French government announced plans to fully take up the country’s largest utility firm and nuclear operator EDF in which it already owned a majority stake. Since then, its shares have skyrocketed upon the announcement.

EU Says Nuclear and Gas are “Green”. The European Parliament has officially termed nuclear and natural gas as environmentally sustainable forms of energy, approving investment into both sources will be in line with extant EU laws. 

Oil Workers in Norway Head for Strike. In a bid to demand a better wage regime, oil workers at offshore platforms in Norway's North sea have commenced strike, a move which could gravitate towards jeopardising at least 10% of Norway’s oil and gas production as previous rounds of negotiations failed to yield any progress.

Russia Discovers Oil in the Arctic Ocean. Russia’s largest oil producer Rosneft has announced a more than 600 million barrel find of light sweet crude in the Pechora Sea in the Arctic, boasting that it has the technical know-how to drill it alone without the need for external help.  Pumpy Kremlin 😂!

World's first sand battery system has been installed in Finland. Two engineering graduates of thermal power currently working at Polar Energy have developed and installed a giant silo sand battery system in Southwest Finland which could store renewable energy for months and help heat homes in the winter.

ASIA:

Saudi Arabia and neighbouring Kuwait Agree to Drill More Oil from Neutral Zone. Negotiations between both countries are currently open to increase output from the jointly controlled Neutral Zone, from the current production of 175,000 b/d to the nameplate capacity of 500,000 b/d. If you can remember the problematic neutral zone of the early 1990s, then you should remember Saddam Hussein and how he died.

Pakistan also Eyes Russian Crude. Impressed by India’s sudden ability to ramp up Russian crude imports to almost 1 million b/d, the Pakistani government has asked its refineries to consider discounted purchases to reduce soaring energy import bills. The Indian government has recently slapped a windfall tax on the export of refined petroleum products in a bid to forestall domestic shortages.

IEA Raises Alarm over Chinese Solar Monopoly. With 95% of polysilicon production and over 80% of solar PV output concentrated in China, the International Energy Agency has warned of an imminent Chinese dominance in the solar energy market, pleading for other countries to step up to avoid overdependence in nearest future.  

THE AMERICAS:

Green Investors in America Vows to Go Tough on Power Firms. In less than a week since the US Supreme Court stripped the federal government of powers on CO2 emissions, activists and green investors alike have pledged to watch even more thoroughly the ESG performance of such utility companies. 

US Gas Exports Continue To See Decline. US LNG outflows have fallen to their lowest level since February this year - now at 6.42 million tons as the shut-down of the Freeport LNG facility and Summer continue to kneecap export possibilities and keep domestic gas prices afloat, respectively. In addition, the country's LNG production has also fallen by a margin.

US Slaps Iran Again. Following the failure of talks in Doha to revive the Iran nuclear deal, the US Treasury has introduced a new round of sanctions on a network of Chinese, Emirati, and other firms that are reportedly conveying Iranian crude. 

Chevron Intends to Step Up Operations in Venezuela. Per Bloomberg report, Chevron has been in talks with the Venezuelan government and state oil firm PDVSA to take up a leading role in its producing JVs, to maximize production and profitability of operations. 

US Permits LPG Exports to Venezuela. To further ease the grip on Venezuela’s oil industry, the US government has advanced transactions involving LPG supplies to Venezuela until July 12, 2023, for cooking fuels.