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The Russian invasion of Ukraine upended the energy policy of Germany. In just a few days since Putin decided to invade Ukraine, Europe’s biggest economy - heavily dependent on Russian pipeline gas and the end point of another project to receive natural gas from Russia - has suspended the new pipeline project and said no energy source is off the table when it comes to ensuring German energy security. Early last week, hours after Russian President Vladimir Putin recognized two separatist regions in eastern Ukraine and deployed troops there,…

At a time countries are moving away from fossil fuels, Timipre Sylva, the minister of State for Petroleum Resources has maintained that awarding marginal fields bid round is a big deal for Nigeria, as it presents an opportunity to speed up its fossil fuel exploitation and make good use of the resources for the betterment of the country. Speaking during the Nigeria International Energy Summit in Abuja on Monday, Sylva noted marginal fields help to ensure exploitation of the nation’s fossil fuel in an economic manner rather than abandoning the huge oil and gas reserves in the ground. According to him, “the year 2021 was a milestone for Nigeria’s energy sector and witnessed a number of record-breaking activities. Three of these activities stand out First, the successful conclusion of the Marginal Fields Bid Round; Second, the Petroleum Industry Act(PIA) seeing the light of the day, and third is the Decade of Gas initiative. “Both the Marginal field bid round and the Petroleum Industry Act surmounted over two-decade challenges in the doldrums before they saw the light of the day.

The Biden administration, in extraordinary and rapid cooperation with allies over a period of three days, has doubled down on its vow to impose “ severe sanctions ” against Russia for its military aggression against Ukraine. This article was authored by David Cortwright and George A. Lopez . On Feb. 26, 2022, the U.S. and Europe agreed to cut off some Russian banks from the SWIFT messaging system, which is used to make trillions of dollars’ worth of transactions every day, an option so devastating it has been called “ the nuclear option ” of sanctioning. They also vowed to prevent Russia from accessing some of its foreign reserves, making it harder to offset the effects of the sanctions. Two days earlier, the White House announced a multifaceted sanctions package that cuts off Russia’s major banks and companies from Western financing and imposed direct financial costs on many of Russian President Vladimir Putin’s top allies. It also restricted Russia’s access to semiconductor products and the technologies it needs to sustain its industrial sector and military capabilities.

Following Russia’s invasion of Ukraine, one of the issues being discussed a lot in the West is what an ongoing military conflict may do to oil prices. Russia is one of the world’s largest oil producers. According to the 2021 BP Statistical Review of World Energy, in 2020 Russia produced 10.1 million barrels per day (BPD) of crude oil and natural gas condensate. That was good for second place behind the U.S. at 11.3 million BPD. Saudi Arabia was third at 9.3 million BPD. However, the U.S. also consumes far more oil (17.2 million BPD)…

Consumption was lower in the latest week according to the EIA

Could Russia''s Invasion Of Ukraine Spark Another Arab Spring? Authored by Cyril Widdershoven via OilPrice.com, Russia’s invasion of Ukraine has caused plenty of analysts to worry about the future of global financial and energy markets, but there is a major consequence being overlooked. Russia and Ukraine are major exporters of food and agricultural products, and if these products are disrupted then there could be significant unrest in the MENA region. The MENA region will also have to deal with the energy, security, and financial consequences of taking sides in what is sure to be a protracted conflict between Russia and the West. The ongoing military Russian onslaught on Ukraine is reverberating across commodity markets. At present, Western media is mainly focusing on the direct effects of the military invasion and resultant sanctions on European and U.S. commodity markets. Crude oil prices are spiking while natural gas markets are in crisis mode. The importance of Russia in European energy markets has been highlighted in recent weeks, revealing the extent of European dependence on Russian oil and gas imports.

There will be alternatives to Russian natural gas supply in the five-year horizon, World Bank President David Malpass told CBS

The natural Gas markets have gapped higher to kick off the trading week as tensions continue to cause problems in the commodity markets, but by the time the Americans came back on board, natural gas started to decline.

THE Manila Electric Co. (Meralco) said yesterday its consolidated core net income (CCNI) for the year 2021 grew by 13 percent to P24.6 billion from P21.7 billion in 2020. The increase was driven by the return of energy sales volumes to near pre-pandemic level and contributions from the power generation business, the largest electric distribution firm said in its financial report released yesterday. Meralco said its net income improved 44 percent to P23.5 billion from P16.3 billion year on year due to the absence of exceptional charges arising from the impairment recognized in 2020 on its investment in Pacific Light Power Pte. Ltd. (PLP). Core earnings per share amounted to P21.833, up by 13 percent from 2020. Consolidated revenues rose by 16 percent to P318.5 billion from P275.3 billion, mainly driven by electricity revenues, which grew by 15 percent to P309.2 billion from P267.9 billion. Meralco''s average retail rate increased slightly by 4 percent to P8.24 per kWh from P7.96 per kWh due to higher pass-through charges.

Europe is a leading importer of natural gas, and counts on Russia for some 40% of its supply. Maybe not for long.

MONDAY: Imran Khan announces in address to the Nation, The Price of all Petroleum products to rise by Pakistani Rs 10 Per litre on Monday. Petrol Price in Pakistan #BREAKINGPrime Minister of #Pakistan, Imran Khan announces in address to the nation, that Pakistan will import natural gas and wheat from #Russia.Also announces PKR 10 decrease […] The post Petrol Price in Pakistan increases by Rs 10 per litre appeared first on BOL News .

Natural gas prices in Europe rose sharply on Monday, after another round of international sanctions against Russia over the weekend, which raised concerns about an energy supply shortage. Futures prices jumped by 36 percent on Monday, after Western countries agreed to impose new sanctions on Russia over its own military operation in Ukraine according […]

Danish company Orsted said it would have to continue buying natural gas from Gazprom as it is under a long-term contract with the Russian state-owned energy giant.

Production of eight infrastructure sectors expanded by 3.7 per cent in January against 1.3 per cent in the same month last year on better show by coal, natural gas and cement industries, according to official data released on Monday.

US, Germany Continue To Allow Gas Transactions With Russia Despite SWIFT Ban As Russian banks closed down both ATMs and then, later, open market trading, to avoid or contain the fallout from the Russian incursion into Ukraine, it''s becoming increasingly apparent that the West doesn''t have the right tools to sanction Russia - not that they could even if they did. The problem, as we have said many times before,boils down to Russia''s control over Europe''s energy supplies. But even as a growing number of Russian oligarchs release messages claiming that their sympathies lie with the Ukrainians (not that any of them have actually committed to doing anything that might undermine the war effort), Russia''s position remains unassailable. And now, a German economy ministry official has confirmed that despite the sweeping sanctions Imposed on Russia, including the removal of it banks from the SWIFT system, that German companies will still be able to find ways to pay their energy bills to the Russians to keep the gas flowing.