The company attributed its first-quarter profit rise of about 7% to improved performance in the refining division. click Here for more
As OPEC member countries are trying to ward off the economic impact of the falling oil prices, Algeria's state energy company Sonatrach has taken a bold step by demanding its service providers cut their prices by up to 15 percent.
The economy of Algeria was shaken a bit with the collapse of crude price, because the state revenues relies 60 percent on crude sales. This buffers the economy by paying for subsidies which douses social unrest and aids in running a welfare system.
It is a long known fact by those affected daily by the environmental impact of the IOC's (International Oil Companies) operations in the oil rich region of Nigeria that the PIB (Petroleum Industry Bill) will bring succor to them.
The PIB however, wasn't supposed to curb only the environmental effect of the IOC's operation in the Niger Delta, it was subsequently supposed to take care of a host of issues affecting the oil industry in Nigeria. Some of this issues include: corruption, equal distribution and better management of oil resources, enhanced oil exploration and its use for the welfare of the people, pipeline vandalism, oil theft, gas flaring and poor local content.
As the sun sets on fossil energy industry worldwide, due to crash in oil prices (currently fluctuating between $45 and $55 per barrel) largely instituted by the move of the Saudi oligarchs, who flooded the energy scene with cheap barrels of oil to spite neighbor Iran.
This has had tremendous effect across board, with several oil dependent countries bearing the brunt of the present situation, particularly oil producing and exporting countries whose yearly budgets are benchmarked based on international price of oil per barrel. This, thus shows again how susceptible countries economy can be hit without warning due to simple fluctuation in the oil prices in the international market.
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| Image credit: Pelican Web |
Having done that, lets get down to some energy business. I am starting by being rhetoric in asking this, who does not like clean things? Okay no answer, so I am answering myself by ascertaining that I am the only one who does (just kidding), we all do. But do we take into cognizance the fact that there is always a cost for anything to come in clean and pure state, as far as planet earth is concerned there is always a cost associated and this cost always involves energy conversion from one state to the other hence obeying the first law of thermodynamics. I am pretty sure what I stated above makes
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