Oil, gas export revenue fell by $2.23bn in 2020 – NNPC The Punch
Published 12:28 am
The total revenue generated by the Nigerian National Petroleum Corporation from crude oil and gas exports plunged by 45.98 per cent last year amid the COVID-19-induced collapse in price and demand, ’
FEMI ASU reports
Nigeria’s revenue from the exports of crude oil and gas fell to $2.62bn in 2020 from $4.85bn in the previous year as the COVID-19 pandemic triggered a sharp decline in prices and demand for the commodity.
Oil and gas account for about 50 per cent of the Nigerian government revenues and over 90 per cent of export earnings but represent only about 10 per cent of the country’s Gross Domestic Product.
Published April 19, 2021, 12:54 PM
Filipino motorists will need to stretch their fuel budgets anew as prices at petroleum pumps will rise this week by a scale of P0.60 per liter for gasoline; and P0.70 per liter for diesel.
Kerosene, which is an essential commodity for households and key industries, will also go up by P0.85 per liter, based on the pricing adjustment notices sent by the oil companies.
MB file photo. (Mark Balmores)
As of press time, the oil firms that already advised on price hikes had been Pilipinas Shell Petroleum Corporation, Seaoil, Cleanfuel and PetroGazz effective Tuesday (April 20); while their competitor-firms are expected to follow the enforced price trends.
April 19, 2021
NIGERIA
The Minister of State for Petroleum Resources, H.E. Timipre Sylva announced that the Federal Government will commence the opening of micro gas distribution channels across all local councils in the federation. This was done at the launch of the Nigerian Women for Liquified Petroleum Gas (LPG). The Minister noted that LPG will be used as a clean alternative to firewood, which is largely utilized for cooking in rural parts of the country. Minister Sylva stated that the LPG project aims to empower rural women as they use a cleaner energy source for cooking, with 99 million women across households in all local councils being targeted over the next three years. The project will cut across 120 political units and 800 political wards across the 774 Local Government Areas in the federation.
OPEC funds Uzbek power project
Apr 19, 2021 6:10:pm
Summary
by: Daniel Graeber
Posted in:
OPEC funds Uzbek power project
A development fund steered by OPEC said April 16 it was extending a loan to Uzbekistan to upgrade its aging power sector through the construction of a gas-fired plant.
The Organisation of the Petroleum Exporting Countries said its international development fund signed a $50mn loan agreement with Saudi utility ACWA Power to help build and operate a 1.5 GW gas-turbine power plant in Sirdarya, near the country’s eastern border.
The new plant, OPEC estimated, is an improvement over existing thermal-power capacity in terms of efficiency and will reduce greenhouse gas emissions by at least 2.2mn mt/year.
Why oil traders should keep an eye on Iran even as nuclear talks look unproductive
The U.S. and other world powers haven’t made much progress in reaching a new nuclear deal with Iran, but with data showing the nation’s crude oil production at a nearly two year high, traders can’t afford to ignore the amount Iran can potentially add to global supplies.
“Iran’s export capacity is approximately 2 million barrels per day, and it appears that it is already skirting the sanctions” by selling oil under the radar to Chinese buyers, said Manish Raj, chief financial officer at Velandera Energy. He believes that an additional 1 million barrels per day of Iranian supplies are ready to hit the market as soon as the sanctions imposed by former U.S. President Trump are lifted.