Short sellers targeting the Oil & Gas Storage & Transportation sector have made $6.58 billion in mark-to-market profits this year, said S3 Partners in a note published Tuesday. Investors betting against the sector hit “oil, black gold, Texas tea” in every stock except 6.5% that generated a relatively small loss of $2.07 million. The most profitable shorts were Energy Transfer…
Read More
Global lockdowns have resulted in a drastic reduction in oil demand. A long and painful deliberative process to cut the global supply of oil by OPEC+ group of major oil exporting countries, each vying for greater oil revenues and lesser proportion of cutting down supplies, could only manage to reach consensus on cutting around 9.7 million barrels a day of…
Read More
The Abu Dhabi Department of Energy, DoE, has launched a new campaign titled “Our Commitment – Our Nation’s Power” to highlight the critical role the energy sector plays in supporting communities and in the continuity of key sectors and maintaining social and economic stability in Abu Dhabi and the UAE. The campaign underlines the importance of the electricity and water…
Read More
Global demand for liquefied natural gas (LNG) increased by 12.5% to 359-million tonnes last year, which is a significant increase that bolsters LNG’s growing role in the transition to a lower carbon energy system. The report mentions that this increase in LNG saw a number of key developments undertaken which are assisting in building and reshaping the industry. An industry…
Read More
The Independent Power Producers’ (IPPs) role is to be finally capped below 10 percent of the power mix and they have to compete for tariffs with the public sector, a model already being used in the developed world. Also, privatization of utilities should be strictly forbidden and let the National Transmission & Despatch Company (NTDC) be returned to Water &…
Read More
Pakistan’s leading oil and gas exploration company, Mari Petroleum Company Limited (MPCL), has taken the initiative to provide clean drinking water to the residents of Islamabad. Realizing its corporate social responsibility and the issue of water scarcity, MPCL has rehabilitated three water filtration plants in the Federal capital. This operation was carried out in the water filtration plants of the areas, G-10/4,…
Read More
KARACHI: Pakistan Petroleum’s (PPL) profit rose 2.84% to Rs14.15 billion during the quarter ended March 31, 2020 due to a notable plunge in exploration cost and an increase in other income. The company had reported a profit of Rs13.76 billion in the same quarter of the previous year, according to a notice sent to the Pakistan Stock Exchange (PSX) on…
Read More
Monday’s epic collapse in WTI (West Texas International) crude oil futures to forty-minus-zero might not be just a “fleeting moment” that the biggest Pakistani English newspaper’s lead editorial made it out to be. The development may have occurred only for contracts for May delivery, that were expiring on Tuesday (one day after the crash), and only happened in the market…
Read More
PESHAWAR: With zero reported cases of Covid – 19 in its exploration and production fields of KP through strictly maintaining health, safety and environment (HSE) undertakings of the company, MOL Pakistan on Thursday said it was committed to keeping its operational continuation to meet the energy demand of the country despite testing times. The MOL Pakistan’s Country Pandemic Operative Response…
Read More
