The devastating economic impact of the novel coronavirus pandemic is an unprecedented disaster for global markets, with the world almost certainly plunging into a yearslong worldwide recession. This almost entirely unanticipated interruption to business as usual has some silver linings, however. For decades, world leaders and environmental and climate scientists have been paying a lot of lip service to the…
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BHP (ASX, LON, NYSE: BHP) is fine-tuning details of a revamped strategy to reduce the company’s operational emissions and its use of diesel, which will set concrete targets to be reached by 2030, chief executive Mike Henry said on Thursday. The “very tangible actions” to be announced on September 10, are part of the world’s largest miner’s broader commitment to…
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Canada’s capital spending on its oil and gas industry fell by more than half in the second quarter as the pandemic-inspired low prices continue to burden oil and gas producers with impossible breakevens. Canada’s capital spending fell 54% in Q2, to $3.88 billion, according to Statistics Canada. This is down from $8.46 billion in Q1 2020 and $8.59 billion in…
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Siemens Gamesa Renewable Energy’s new financial strategy will look familiar to those following the pinched U.S. shale sector: the German-Spanish wind turbine manufacturer plans to focus less on breakneck growth, and more on profitability and cash generation. “We cannot live from volume,” C.E.O. Andreas Nauen said on August 27th in a conference call as the company unveiled its new strategy. “We have to make…
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Earlier this year in the US, energy generation from wind, solar, and hydroelectric dams combined to top coal generation for over two months straight. This was the product of spring peaks in renewable generation and reduced electrical demand during lockdowns, but those events were layered on top of coal’s continuing decline and the long-term growth of renewables. A new report…
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Oil and Gas Development Company (OGDC) has made a gas and condensate discovery in its exploratory well Saib-1 in Kohat district of Khyber-Pakhtunkhwa. According to a statement issued by the oil and gas exploration company, the Saib Well-1 was drilled and tested using OGDC’s in-house expertise. The well was drilled to the depth of 5,500 metres. Based on the open…
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This refers to displays/advertisements appearing in some leading newspapers on August 25 & 28, 2020 regarding the honourable Supreme Court judgement in the GIDC Act 2015. These advertisements have wrongfully presented the landmark Supreme Court judgement of 13th August 2020 on the GIDC Act 2015. Through these advertisements an impression is being created as if this judgement will negatively affect…
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ISLAMABAD: After the MoUs signed with the independent power producers (IPPs) installed under 1994, 2002 and 2006 power policies, the tariff of private power houses will be sliced but the sale tariff for end consumers will not tumble, as the Power Division wants to use the gains to be achieved from reduction in the IPPs tariff to cope up with…
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China’s electricity consumption hit a record this month after rising steadily since the start of summer, the People’s Daily reported, noting that the trend suggested a robust recovery in economic activity in Asia’s second-largest economy. Electricity consumption in the manufacturing sector has specifically posted a marked recovery since July, reversing a negative consumption trend from the first half of the…
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The oil price collapse and deferred drilling campaigns have shrunk the available supply of drilling rigs in the North Sea to the point where operators now face a supply crunch for semisubmersible rigs for next year’s drilling campaigns off the UK, offshore rig brokerage and advisory Bassoe Offshore said in a recent analysis. The price crash and the capital expenditure (capex) cuts…
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