KARACHI: State-owned Pakistan State Oil (PSO) has floated several tenders to procure petroleum products to ensure ample availability of fuel in the New Year, it was learnt on Thursday. PSO has invited bids for supply of three motor gasoline cargos of 45,000 tons each in January 2021, along with one standard size cargo each of high sulphur fuel oil and…
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Reduced activity levels, project cancellations and workforce cuts as a result of the coronavirus pandemic have slashed business confidence across the UK’s oil and gas sector, according to an industry report. The 32nd Oil and Gas survey, conducted by Aberdeen & Grampian Chamber of Commerce in partnership with the Fraser of Allander Institute and KPMG UK, asked firms about the…
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Yellow Door Energy currently has over 110 megawatts of solar assets operating and under construction in the UAE, Jordan, and Pakistan, with recent expansions into Saudi Arabia, Bahrain, and Oman. Yellow Door Energy is one of Apicorp’s investee companies and in 2019 the corporation and a consortium of international and regional banks invested $65 million in Yellow Door Energy to…
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CHARSADDA: Illegal mining of precious mines and minerals is continuing despite the ban for the last two years in the district. It is causing huge losses to the provincial exchequer every year. Sources said that the Khyber Pakhtunkhwa government was losing Rs157.13 million per annum due to the ban on mining and flawed policies to boost the sector in Charsadda.…
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Supermajors ExxonMobil and Total are renegotiating a natural gas resource sharing deal for their respective liquefied natural gas (LNG) projects offshore Mozambique, Reuters reports, citing sources with knowledge of the talks. Exxon and Total are leading the Rovuma LNG and the Mozambique LNG projects, respectively, and are looking to renegotiate a 2015 deal on using resources from the basins that…
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A combination of sharply weaker oil prices, inconsistent regulation, the COVID-19 pandemic, and constant conflict in the Amazon where most of Peru’s onshore oil industry is located has triggered a crisis that has brought the industry to the brink of collapse. This was recently recognized by Peru’s National Society of Mining, Oil, and Energy (SNMPE – Spanish initials) which released…
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ISLAMABAD: The privatisation of Re-gasified Liquefied Natural Gas (RLNG)-fired power plants is reportedly in hot water due to IPPs current issues and inordinate delay in other prerequisites, sources close to Minister for Privatisation told Business Recorder. Sharing details, sources said transaction structure for the privatisation of two RLNG power plants established by National Power Parks Management Company Limited (NPPMCL) was…
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Moscow, (APP – UrduPoint / Pakistan Point News – 26th Nov, 2020 ) :Russian oil giant Rosneft on Wednesday announced the start of operations for its giant Vostok oil project in the Arctic, part of the country’s strategic energy plan which has been criticised by environmentalists. “It is with great pleasure that I inform you of the start of the…
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ISLAMABAD, (APP – UrduPoint / Pakistan Point News – 25th Nov, 2020 ) :The Oil and Gas Development Company Limited (OGDCL) has discovered another gas reserve from its exploratory Well located in district Musa Khel, Baluchistan province. According to a press release, the discovery of Lakhirud X-1 is the result of aggressive exploration strategy adopted by the Company. It has…
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Policymakers have expressed the desire that gas companies should follow the model of telecom sector in an effort to operate in a competitive market, improve efficiency and reduce losses. At present, the two public gas utilities are posting high losses, which have worried policymakers, who are considering splitting the companies to control revenue bleeding. Losses of the gas utilities range…
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