Day: January 14, 2021

Nigerian Oil Major Focuses On Condensates To Offset OPEC Cuts

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The Nigerian National Petroleum Corporation has decided to focus its attention on condensates production to compensate for lost revenue from oil exports due to the country’s commitment to the OPEC+ production cut deal. Nigerian daily This Day quoted the managing director of the NNPC as laying out this plan, and noting a boost in condensates production should help push revenues higher. Whether condensates should be included in oil production figures when calculating OPEC’s production quotas has been a longstanding dispute. Nevertheless, Mallam Mele Kiyari also said Nigeria remained committed to…

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U.S. Puts Chinese Oil Giant CNOOC On Blacklist

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The U.S. Department of Commerce said on Thursday it had blacklisted China’s state-run oil company CNOOC for helping China intimidate neighbors in the South China Sea, threatening U.S. national security, in yet another move aimed at restricting market access for Chinese companies. CNOOC was added to the Entity List, a tool utilized by Commerce’s Bureau of Industry and Security (BIS) to restrict the export, re-export, and transfer (in-country) of items to persons reasonably believed to be involved, or to pose a significant risk of becoming involved, in activities contrary to…

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Goldman Sachs Warns Of Bullish Perfect Storm For Natural Gas

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Goldman Sachs has flipped on their bearish natural gas stance to a bullish one. Goldman’s Samantha Dart’s reasoning behind the view shift is due to a combination of factors including “supply disruptions, shipping delays, and strong LNG demand, supported by heavy nuclear maintenance in Japan and a cold start of the year in NE Asia, have significantly tightened the LNG market.” Prices of the supercooled fuel in especially Asia have reached astronomic heights in recent days. The most critical LNG markets are in Asia and Europe, which comes as a…

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Texas Gets $14 Billion In Taxes, Royalties From Oil & Gas In 2020

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The Texas oil and gas industry paid a total of $13.9 billion in state and local taxes and state royalties in fiscal year 2020, the Texas Oil & Gas Association (TXOGA) said in its annual Energy & Economic Impact Report this week. The amount of taxes and royalties the state collected last year was lower than the record-high $16.3 billion in local taxes and state royalties in fiscal year 2019, when oil and natural gas production in the Lone Star State surged to records. “As challenging as last year was,…

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Sahiwal Power Plant Uses Advance Technologies To Control Emissions

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BEIJING, (APP – UrduPoint / Pakistan Point News – 13th Jan, 2021 ) :In Pakistan, energy projects built hand-in-hand with China have involved meticulous considerations regarding emission controls and lowering the impact on the surrounding environment. As a major investment under the China-Pakistan Economic Corridor, the 1,320-MW coal-fired Sahiwal power plant provides around 6 percent of the total electricity supply in the country, according to Chinese media here on Wednesday. One important feature about the Sahiwal facility is that it uses advanced technologies to control emissions. “We were the first…

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