Nigerians Threaten Shutdown of All Oil Production
As fuel prices spiral out of control in Nigeria, a union of some 20,000 oil and gas workers threatened to shut down all production starting Sunday. For two decades, the government ran a popular subsidy program that kept prices low for local consumers, but in reversing that program Monday, many fear they will no longer be able to afford the costs of fuel.
Anger and violence over the issue has already led to at least ten deaths as thousands march in protest. According to a statement Thursday by the Petroleum and Natural Gas Senior Staff Association of Nigeria, if the government does not act, the union will be “forced to go ahead and apply the bitter option of ordering the systematic shutting down of oil and gas production.”
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Gas prices more than doubled instantly, making transportation and food costs even more strenuous on a country where most live on less than $2 a day. For Africa's most populous nation, oil accounts for 80 percent of its revenues, but what do the people see of it?
The president claims that the removal of the subsidy will help save the country an estimated $8 billion a year, which will go towards infrastructure and public projects. However, the people continue to shout “corruption.”
In the meantime, Lagos' busy Apapa Port has been closed off and all international air carriers canceled. Benchmark oil prices are skyrocketing this week in electronic trading on the New York Mercantile Exchange as concerns of global supplies grow. Production forecasts from Nigeria are expected to be adjusted over the next week as we watch what happens...
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.