The petrol price decision for May 2020 was once again taken for a ride by critics on both extremes. There is that one side, which would not settle for anything less than an immediate price relief, without any currency, time, or taxation considerations or even making room for cost of crude oil refining. On the other extreme are those ruing…
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Take a gander at a chart of the S&P 500 Index and it sure looks like traders expect the coronavirus crisis to end quickly and the economy to roar back. One might think that the only thing to wait for is an all-clear signal — a cue that marks the conclusion to the Covid-19 calamity and the return of the…
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The recently released report on IPPs by a government sanctioned commission brought not only the power producers into the limelight, but also the design of the previous power policies. While the final verdict on the report is still awaited, especially given the riposte by the private power producers, it is imperative that one identifies the short comings of the previous…
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The new strategy sets out priorities to support the oil and gas industry in reducing greenhouse gas emissions, developing carbon capture and storage and implementing hydrogen projects. The Oil and Gas Authority (OGA) has unveiled its strategy to support the drive to net zero greenhouse (GHG) emissions, including new requirements and regulations for industry operators. The OGA says maximising the economic recovery…
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Despite – or perhaps because of – the global overhang in liquefied natural gas (LNG) supplies, a weak demand profile, and ongoing uncertainty in the hydrocarbons market overall, Qatar believes that the long experience and supportive infrastructure that it has accrued in the sector since first becoming an LNG exporter in 1997 will allow it to regain its former position…
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Oil prices reversed gains and turned positive on Monday after Saudi Arabia’s energy minister said the kingdom aims to provide additional voluntary cuts in an effort to support global markets. Brent crude futures gained 26 cents to trade at $31.23 per barrel, U.S. West Texas Intermediate crude futures gained 43 cents to trade at $25.18 per barrel. Gains were capped,…
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The number of operating oil and natural gas rigs fell to an all-time low – reflecting data going back 80 years – as the energy industry slashes output and spending to deal with the coronavirus-led crash in fuel demand. The rig count, an early indicator of future output, fell by 34 to a record low of 374 in the week…
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Pakistan is expected to record a loss of over PKR628bn ($4bn) by the end of the current financial year, which is 30 June 2020, as a result of the adverse impact of the coronavirus pandemic on the economy, according to a report prepared by the sub-committee of the National Coordination Committee (NCC). The report “COVID-19: Preliminary Macroeconomic and Socioeconomic Assessment”…
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PESHAWAR: Despite completion of 2.6megawatt Machai Hydel Power Project (MHPP) three and half years ago, the Khyber Pakhtunkhwa (KP) government has provided more than 13 million units of electricity to the national grid without receiving payment and striking agreement with the National Electric Power Regulatory Authority (NEPRA). The province is experiencing power cuts and facing severe financial constraints despite spending Rs683.50…
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ISLAMABAD: The federal government is considering taking benefit of the decline in global oil prices by purchasing the oil in advance and in this regard the Ministry of Energy (MoE) has sought an approval of the cabinet’s Economic Coordination Committee (ECC). According to sources, owing to a decline in oil prices in the international market in the wake of the coronavirus…
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