Month: July 2020

Cabinet approves appointment of Rahat Kaunain as CCP chairperson

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ISLAMABAD: The federal cabinet has approved the appointment of Rahat Kaunain as the new chairperson of the Competitive Commission of Pakistan (CCP).  According to sources, the cabinet on Tuesday gave a go-ahead to the appointment of Rahat Kaunain Hassan, Mujtaba Ahmad Lodhi and Shumalia Lone as CCP members. It also okayed the Ministry of Finance’s proposal to appoint Kaunain as CCP chairperson.  Rahat Kaunain received her LLM degree from King’s College London, having focused her academic work on the law of international finance and international business transactions. Earlier, the finance ministry…

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NAB decides to launch inquiry against Imtiaz Sheikh

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ISLAMABAD: The National Accountability Bureau (NAB) on Friday decided to launch an inquiry against Sindh Energy Minister Imtiaz Sheikh over illegal allotment of land. According to NAB sources, the provincial minister was involved in allotting 30 acres of land in Korangi, Karachi. The PPP leader with the help of Board of Revenue officials caused a loss of millions of rupees to the national exchequer. An anti-corruption case was also registered against Imtiaz Sheikh in 2005 for land grabbing. Earlier on Tuesday, the NAB finalised reference against Pakistan People’s Party (PPP)…

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Energy minister asks NEPRA to rescind KE’s licence

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Sindh Energy Minister Imtiaz Ahmed Shaikh has said that the Sindh government is ready to assume the control of three power supply companies of the province, namely the K-Electric (KE), the Hyderabad Electric Supply Company (Hesco), and the Sukkur Electric Power Company (Sepco), if the federal government “is unable to manage the institutions of the energy sector in the country”. Speaking at a press conference on Monday, the minister said the federal government of Pakistan Tehreek-e-Insaf was doing “sheer injustice with the people of Karachi by subjecting them to a…

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OGDCL ENHANCED OIL & GAS PRODUCTION FROM MELA FIELD.

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Oil & Gas Development Company Limited (OGDCL) as operator with (56.45% share), Pakistan Petroleum Limited (PPL) (28.55%) & Government Holdings (Private) Limited (GHPL) (15%) in joint venture of Mela Drilling & Production Lease (D&PL) Block has successfully tested, completed, injected development well Mela # 07 into production stream. The Mela well is located in district Kohat, Khyber Pakhtunkhwa. The gas is being supplied into main grid of Sui Northern Gas Pipe Line network. The structure of Mela well # 07 was delineated drilled and tested using OGDCL’s in house expertise.…

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Libya’s Oil Production Set To Halve In Next Few Years

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Libya’s oil production that has dropped sharply in recent months is set to nearly halve in the coming years thanks to an oil blockade that has been in force since January. Libya’s production has dropped from 1.186 million bpd last November to 796,000 bpd by January 2020, before slipping to 82,000 bpd in June, according to OPEC’s Monthly Oil Market Report. Libya had planned to increase production to 2.1 million bpd by 2024, but those plans are now in jeopardy due to recent skirmishes that have embroiled the country’s oil…

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EIA Raises Brent Crude Oil Price Outlook

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The Energy Information Administration raised its price outlook for Brent crude to $41 per barrel for the second half of 2020—this is $4 per barrel higher than the EIA’s forecast last month. In its Short-Term Energy Outlook (STEs expectation that global oil inventories will continue to decline in the second half of the year and throughout next year. “EIA expects high inventory levels and surplus crude oil production capacity will limit upward price pressures in the coming months, but as inventories decline into 2021, those upward price pressures will increase,”…

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Oil Price Rally On Hold After API Reports Rising Crude Inventories

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The American Petroleum Institute (API) estimated on Tuesday a build in crude oil inventories of 2.048 million barrels for the week ending July 3. Analysts had predicted an inventory draw of 3.114 million barrels. In the previous week, the API reported a major decrease in crude oil inventories of 8.156 million barrels, after analysts had predicted a much smaller build. It was the largest crude draw this year. WTI was trading slightly down on Tuesday afternoon prior to the API’s data release with prices feeling minor pressure from an increase…

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Pakistan resumes LNG spot buying as demand surges

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KARACHI: Pakistan has resumed spot buying of liquefied natural gas (LNG) from the international market after six-month pause as energy demand is ramping up with easing lockdown, it was learnt on Monday. State-run Pakistan LNG Limited (PLL) invited bids for supply of three LNG cargoes – 140,000 cubic meters each – to be delivered in August and September. PLL invited bids from international suppliers for the supply of three LNG cargoes on a delivered ex-ship basis at Port Qasim. The first delivery window is August 27-28, second from September 12-13…

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Court Seizes Former PSO MD’s Assets in LNG Scam Case

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Former Managing Director (MD) of Pakistan State Oil (PSO), Shahidul Islam has been declared an offender by the Accountability Court for his continuous absence in the LNG scam case that also involves former Prime Minister Shahid Khaqan Abbasi. According to details, the decision was taken after the NAB prosecutor apprised the court that the accused has left the country to evade case proceedings. Furious with the revelation, the Accountability Court judge immediately ordered concerned authorities to revoke the CNIC of Shahidul Islam and undertake measures for his extradition. Moreover, NAB…

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The Next Energy Battle: Renewables vs. Natural Gas

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Dominion Energy, one of the nation’s largest utilities, in late June erected wind turbines off the Virginia coast — only the second such installation in the United States — as part of a big bet on renewable energy. The company is also planning to build new power plants that burn natural gas. Utilities around the country are promoting their growing use of renewable energy like hydroelectric dams, wind turbines and solar panels, which collectively provided more power than coal-fired power plants for the first time last year. But even as…

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