As Chapter 11 filings by US E&Ps continue to pile up, onshore oil production from companies that filed for bankruptcy in the last two years is set to decrease by about 25% by the end of 2021, or by about 200,000 barrels per day (bpd) compared to current output levels, a Rystad Energy analysis shows. The loss puts the projected…
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Commodity trading giant Trafigura expects a strong rebound in oil demand next year thanks to mass vaccinations, which will push crude oil prices to $55-60 a barrel, Argus Media reported, citing the company’s chief economist Saad Rahim. “You have already seen a strong recovery in many places — certainly in China, but also in Europe and Japan, for example. The…
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Saudi Arabia’s crude oil exports rose to 6.159 million barrels per day (bpd) in October, up by nearly 100,000 bpd from the 6.066 million bpd exports in September, data from the Joint Organisations Data Initiative (JODI) showed on Thursday. Total oil exports from Saudi Arabia, including crude oil and total oil products, increased again month over month by 281,000 bpd…
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Things are looking up for the Canadian oil sands. After years of strife and faltering profits, battered by environmental regulations and domestic pipeline shortages as well as the flood of cheap shale oil and gas coming out of the United States thanks to the West Texas shale revolution, 2021 is on track to be a much, much better year for…
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The United Kingdom will end direct government support to oil, gas, and coal project overseas as soon as possible, as part of the country’s ambition to support the energy transition, UK Prime Minister Boris Johnson said over the weekend. Ending taxpayer support for overseas fossil fuel projects is a major shift in policy, considering that the UK government has supported…
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The report by a five-member commission set up by the prime minister in July to look into the oil crisis, which hit the country in June this year, does not make for pleasant reading. The report which has been made public blames Ogra, the Ministry of Petroleum, private oil companies and others involved in the delicate business of purchasing and…
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ISLAMABAD: The Central Development Working Party (CDWP) has approved one project at the cost of Rs7.25 billion, and five position papers at the cost of Rs21.10 billion, and referred two position papers worth Rs37.23 billion to the Executive Committee of the National Economic Council (Ecnec) for final approval. The CDWP met with Deputy Chairman Planning Commission Mohammad Jehanzeb Khan at…
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KARACHI: Sui Southern Gas Company (SSGC) has jacked up procurement of imported liquefied petroleum gas (LPG), and issued 15 tenders for supply of locally available imported LPG with delivery windows ranging January to June 2021. The southern gas utility supplies synthetic natural gas during high demand as an alternate to piped gas. SSGC would procure at least 37,500 metric tons…
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The government has constituted a committee to address Sui Southern Gas Company’s (SSGC) repeated claim of recovering RLNG losses worth Rs7.7 billion from consumers of imported gas after the Oil and Gas Regulatory Authority (Ogra) rejected the claim. “As per directives of the adviser on finance and revenue, a two-member committee comprising Ministry of Finance secretary and Ministry of Energy…
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Despite rising COVID-19 cases, Pakistan’s industrial sector shows a recovering trend due to the Government’s smart lockdown policy, according to a recent tweet on the State Bank of Pakistan’s (SBP) official twitter page. SBP reports that easing of lockdowns has resulted in growth in power generation and petroleum product sales during the first quarter of FY21. Power generation witnessed a…
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