French Total plans to increase its investments in Libya’s oil industry, the National Oil Corporation said, adding it had discussed with the company raising Libya’s production to “the highest levels.” Total has stakes in several Libyan oil fields, including the nation’s biggest, Sharara. The field, along with many others, was shut down for more than eight months this year after…
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Australian Oil Search plans to make the final investment decision on the Pikka project in Alaska next year and launch production in 2025, chief executive Keiran Wulff told investors in a company announcement this week. The breakeven cost of Pikka has come down to $40 a barrel, but the company and its partner in the development, Spain’s Repsol, plan a…
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Venezuela’s vice president and the head of state oil company PDVSA arrived in Russia last week on a trip aimed at deepening “strategic alliances,” Venezuela’s information ministry said, Reuters reported. Vice President Delcy Rodríguez and PDVSA chief executive Asdrúbal Chávez, as well as Science Minister Gabriela Jiménez, flew to Moscow to discuss possible new oil joint ventures with Russian energy…
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A Chinese energy giant has bought the biggest independent producer of renewable energy in Mexico, giving the industry a vote of confidence even as Mexico’s authorities have moved to slow down private investment in renewable energy in the country. State Power Investment Corp (SPIC) of China, which has more than US$170 billion in energy assets globally, including in solar, wind,…
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While many Gulf nations were already working to diversify their economies prior to the coronavirus pandemic, the subsequent economic downturn and collapse in oil prices has meant that governments in the region have had to reassess and – in some cases – accelerate their strategic plans. The implementation of social distancing measures and travel restrictions has impacted activity across all…
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Final results from Pfizer Inc’s Covid-19 vaccine trial showed its shot had a 95 per cent success rate and two months of safety data, paving the way for the drugmaker to apply for an emergency US authorisation within days, it said on Wednesday. The vaccine’s efficacy rate, the highest of any candidate in late-stage clinical trials so far, was welcomed…
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ISLAMABAD: In a major development, the three-day Pakistan and Russia talks on 1,122-km high pressure RLNG pipeline from Karachi (Port Qasim) to Kasur (Punjab) ended with amendment in the Inter-Governmental Agreement (IGA) heralding the pavement for new era of strategic relationship between the two countries. Both the sides had earlier signed an Inter-Governmental Agreement (IGA) in 2015 when Russia was…
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KARACHI: K-Electric (KE) has launched a Rs10 billion investment initiative in power distribution infrastructure titled ‘Project Sarbulandi’ for those parts of the metropolis that suffer from the menace of power theft, the utility said in a statement. “With the vision of eradicating power-theft and the resultant segmented load-shed in Karachi, the Sarbulandi initiative aims to strengthen network health and theft…
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ISLAMABAD: The federal government on Monday could not make definite decisions on taking privatisation plan for Pakistan Steel Mills (PSM) and two LNG-fired power plants to the next stage and set up two separate committees to sort out issues hindering their sale for the past two years. The Cabinet Committee on Privatisation (CCoP) met to consider approval of the transaction…
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A parliamentary committee cleared “The China-Pakistan Economic Corridor (CPEC) Authority Bill 2020” with a majority vote despite resistance from the opposition, The News reported on Wednesday. During the NA Standing Committee on Planning and Development, chaired by Junaid Akbar, former minister Ahsan Iqbal presented seven reasons against the creation of CPEC authority. A heated debate ensued but the bill was cleared with…
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