Month: January 2021

Energy body approves CTBCM implementation plan

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The Cabinet Committee on Energy (CCOE) on Thursday approved the principles and implementation plan for the Competitive Trading Bilateral Contract Market (CTBCM). During a meeting held under the chairmanship of Federal Minister for Planning, Development and Special Initiatives Asad Umar, the Power Division presented the design of CTBCM for consideration and review. The division also apprised the committee of its implementation plan. According to a statement, the Power Division informed the committee that in the first phase, consumers with a load of one megawatt or above would participate in the…

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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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