Chevron’s interest in the giant offshore Leviathan gas field in the Mediterranean is the starting point for what ended as a $5-billion acquisition of Noble Energy, Reuters reports, citing a regulatory filing. The filing reveals that Chevron initially planned to take a 50-percent stake in the Israeli field that Noble Energy is developing in partnership with local Delek. The field’s development…
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U.S. horizontal drilling activity in oil basins, which has plummeted due to the Covid-19 pandemic, is not likely to materially recover this year, a new Rystad Energy analysis shows. Drilling permits, which are increasingly reliable indicators of future activity levels, dipped to a 10-year monthly low this July, with only 454 awards. July’s drilling permits number is the lowest since September 2010,…
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ISLAMABAD: Opposing the recommendations of the Petroleum Division, the federal cabinet has approved the appointment of Shahid Mahmood Khan as the Managing Director of Pak Arab Refinery Limited (PARCO). Shahid Mahmood Khan is a Chartered Accountant with an experience of around 30 years in the fields of finance, general management, supply chain, government liaison, corporate planning, business development in petroleum, automobile…
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Faheem Haider has been appointed as new managing director/CEO of Mari Petroleum Company Limited (MPCL). He will assume his duties from August 12, 2020. Haider comes with a rich background and experience of exploration and production sector. In his illustrious career of over 27 years, he has held various leadership and staff positions with Union Texas Petroleum Inc Karachi, Nutricon…
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Russia’s exports of petroleum products to the United States more than doubled in the first half of 2020 compared to the same period last year, reaching their highest levels since at least 2004, Russian outlet RBC reported, citing Russian customs data. Russia’s oil products exports to the U.S. jumped to 9.1 million tons between January and June 2020, up from…
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U.S. refiners are feeling the pinch not only from the lower fuel demand, but also from the surging costs for complying with the biofuel requirements as refining and blending activity is lower than usual. Under the Renewable Fuel Standard (RFS), oil refiners are required to blend growing amounts of renewable fuels into gasoline and diesel. Refiners that don’t have the…
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The closure of oil ports in the Gulf of Sirte is the main reason for the power outages in eastern Libya, the National Oil Corporation (NOC) says. “By closing the ports in the Gulf of Sirte, the condensate reservoirs at the export ports will be filled within days, and thus the production of the gas associated with the condensate, which…
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A Kiwi technology start-up hopes its long-range wireless power transmission system will herald a brighter, cleaner future. Emrod has developed a system which converts electricity into electro-magnetic waves that can be sent wirelessly to receivers to be converted back into electricity for use in homes and businesses. In the long-term, founder Greg Kushnir believes the technology could reduce humanity’s dependence…
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ISLAMABAD (Thomson Reuters Foundation) – Pakistan this week set in motion a plan to boost the share of its electric power that comes from renewables to 30% by 2030, up from about 4% today, government officials said. “The targets in the newly announced policy are a 20% share of renewables in installed capacity of Pakistan’s power mix by 2025 and…
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Finally Renewable Energy Policy 2019 (now it may be called as Renewable Policy 2020) has been finally approved by Council of Common Interest (CCI) of Pakistan after a long debate amongst stake holders including provinces. I can say with confidence that this time consultation was much at larger stage than before and policy almost satisfies the stake holders interests. Policy…
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