Page 13 - LatAmOil Week 14 2022

LatAmOil ECUADOR LatAmOil

Shell will now be able to load crude at Punta Gorda, as well as Balao (Photo: Petroecuador)

It also stated that Petroecuador was in the pro- generate more profit and better terms for Ecua-
cess of renegotiating long-term sale agreements dor, Argus Media said.
with several major crude buyers, including In 2021, the South American country
Unipec (China) and PetroChina, the main exported some 101.28mn barrels of crude,
subsidiary of China National Petroleum Corp. equivalent to almost 277,480 barrels per day
(CNPC), as well as Thailand’s state-run oil com- (bpd). Around 10% of total export volumes were
pany PTT. The NOC hopes that these talks will reportedly sold on the spot market. ™

GLOBAL
Report says rich countries must cut oil and

gas output by 74% to ensure fair transition

RICH countries must reduce oil and gas out- make significant cuts this decade.
put by 74% by 2030 and fully by 2034 in order “Responding to the ongoing climate emer-
to keep the world on track for 1.5°C and give gency requires a rapid shift away from a fossil
poorer oil-reliant countries longer to replace fuel economy, but this must be done fairly. There
their income from fossil fuel production. are huge differences in the ability of countries to
A new report from the University of Man- end oil and gas production, while maintaining
chester commissioned by the International vibrant economies and delivering a just transi-
Institute for Sustainable Development (IISD) tion for their citizens,” said Anderson.
warned that in order to pursue a fair transition, The report noted that some poorer nations
which would minimise the economic impact of are so reliant on fossil fuel revenues that rap-
ending oil production on the world’s poorer pro- idly removing this income could threaten their
ducers, different phase-out dates for wealthier political stability. Countries like South Sudan,
producers were needed. Republic of Congo, and Gabon, despite being
Poorer nations should be given until 2050 small producers, have little economic revenue
to end production but will also need significant apart from oil and gas production.
financial support to transition their economies, By contrast, it says, “[wealthy] nations that
said the report, written by Professor Kevin are major producers typically remain wealthy
Anderson, a leading researcher at the Tyndall even once the oil and gas revenue is removed.”
Centre for Climate Change Research, and Dr Oil and gas revenue contribute 8% to US GDP,
Dan Calverley. but without it, the GDP per capita would still be
The richest countries, which produce over a about $60,000, the second-highest globally.
third of the world’s oil and gas, must cut output When countries signed the UN Paris Agree-
by 74% by 2030; the poorest, which supply just ment, they agreed that wealthy nations should
one ninth of global demand, must cut back by take bigger and faster steps to decarbonise and
14%. This means that there is no room for any also provide financial support to help poorer
country to raise production, with all having to countries move away from fossil fuels. ™

Week 14 07•April•2022 www. NEWSBASE .com P13