Attacks on Crude Oil in Nigeria
Following the kidnappings of contract workers from Exxon Mobil Corp. a few weeks prior, gunmen raid a ship supplying a Chevron Corp. offshore oilfield Thursday night in Lagos, Nigeria. As attacks on crude oil tankers continue to rise, concerns over a controversial amnesty deal threaten Africa's largest oil producing country.
Eight men boarding the MV C-Endeavor attacked the crew, abducting three workers who remain anonymous due to security rules. The contractor supplying the ship, Edison Chouest Offshore of Louisiana, has yet to comment on the incident.
Chevron spokesman Kurt Glaubitz told The Associate Press, “The safety of our employees and contractors is our first priority. Chevron Nigerian Ltd. is assisting the service company to ensure the safe release of the kidnapped crew members."
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When attacks on foreign oil companies saw its first wave in 2006, a government-sponsored amnesty program in 2009 paid ex-fighters to curb violence. But while many firms continue to pump billions of oil from the country's Niger Delta, most of the country remains incredibly poor and few have seen any benefits.
Adding to debate, President Goodluck Jonathan has recently proposed an end to fuel subsidies that would redirect $7.5 billion towards infrastructure and social program next year. However, many are threatening mass protest if the nation's “only oil benefit” sees an end, seeing as the subsidies have kept oil prices within the country incredibly low.
Economists believe the removal of subsidies is necessary in rebuilding society, but it will come at a price most can not afford. The government will have to be extremely clear about where the extra money is going to curb the mounting uproar of angry protesters and pirates to come.
Hydrostor receives $4m funding for A-CAES facility in Canada
Hydrostor has received $4m funding to develop a 300-500MW Advanced Compressed Air Energy Storage (A-CAES) facility in Canada.
The funding will be used to complete essential engineering and planning, and enable Hydrostor to plan construction.
The project will be modeled on Hydrostor’s commercially operating Goderich storage facility, providing up to 12 hours of energy storage.
Hydrostor’s A-CAES system supports Canada’s green economic transition by designing, building, and operating emissions-free energy storage facilities, and employing people, suppliers, and technologies from the oil and gas sector.
The Honorable Seamus O’Regan, Jr. Minister of Natural Resources, said: “Investing in clean technology will lower emissions and increase our competitiveness. This is how we get to net zero by 2050.”
A-CAES has the potential to lower greenhouse gas emissions by enabling the transition to a cleaner and more flexible electricity grid. Specifically, the low-impact and cost-effective technology will reduce the use of fossil fuels and will provide reliable and bankable energy storage solutions for utilities and regulators, while integrating renewable energy for sustainable growth.
Curtis VanWalleghem, Hydrostor’s Chief Executive Officer, said: “We are grateful for the federal government’s support of our long duration energy storage solution that is critical to enabling the clean energy transition. This made-in-Canada solution, with the support of NRCan and Sustainable Development Technology Canada, is ready to be widely deployed within Canada and globally to lower electricity rates and decarbonize the electricity sector."
The Rosamond A-CAES 500MW Project is under advanced development and targeting a 2024 launch. It is designed to turn California’s growing solar and wind resources into on-demand peak capacity while allowing for closure of fossil fuel generating stations.
Hydrostor closed US$37 million (C$49 million) in growth financing in September 2019.