ISLAMABAD: Prime Minister Imran Khan has finally given the go-ahead to increase electricity prices aimed at fulfilling a major condition of the International Monetary Fund (IMF) for the revival of $6 billion programme that remained suspended for the last 10 months. The electricity prices could go up by 25% or Rs3.34 per unit on account of annual base tariff increase…
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LAHORE: Gwadar GasPort Limited (GGPL), a joint venture formed by the Pakistan GasPort Ltd, Al-Qasim Gas and Jamshoro Joint Venture Ltd entered into an agreement with Gwadar International Terminals Ltd to move liquefied natural gas (LNG) onto special purpose trucks for regasification at various industrial sites across the country. Through an agreement signed at a ceremony, the GGPL will commence…
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ISLAMABAD: The new private sector companies seeking entry into liquefied natural gas (LNG) business without government guarantees appeared to be moving in circles as the public sector stakeholders blamed each other for uncertainties relating to enabling environment and infrastructure. This was the overriding sense of a public hearing conducted by the Oil & Gas Regulatory Authority (Ogra) on the request…
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ISLAMABAD: In a major move to gradually deregulate gas tariffs, the state-run liquefied natural gas (LNG) importer on Thursday expressed intention to grant capacity to the private sector – a decision that had so far been pending due to acquisition of surplus capacity of LNG terminals by the government. A representative of Pakistan LNG Limited (PLL) said they could not…
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Sindh Govt to take emergency corrective measures to overcome worrisome shortage of fire tenders, firemen in Karachi: LG MinisterKarachi: Sindh Information and Local Government Minister Syed Nasir Hussain Shah has said that the provincial government is taking emergency corrective measures to repair the faulty fire engines and overcome the shortage of staff being faced by the Karachi’s fire brigade.“I recently…
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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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