New Mexico’s high dependence on oil and gas leases, taxes, and royalty payments are threatening the fiscal stability of the state as the oil price collapse has shown the vulnerability of the current state budget revenues, the Institute for Energy Economics and Financial Analysis (IEEFA) said in a new report on Tuesday. New Mexico’s original budget for fiscal year 2020…
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The Nigerian National Petroleum Corporation (NNPC) has repaid most of the arrears it owes to international oil companies for joint venture operating expenses, recently repaying US$3 billion to Exxon and Shell, Bloomberg reported on Tuesday, citing a statement from the Nigerian state oil firm. NNPC works in joint ventures with the major international oil producers in Nigeria, including ExxonMobil, Chevron,…
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Russia’s second-largest producer, Lukoil, is eager to increase its oil production in Iraq once the production cuts of the OPEC+ group end, Egor Zubarev, Managing Director of Lukoil Mid-East, told Bloomberg. Iraq’s current crude oil production is capped at around 3.6 million barrels per day (bpd) under the OPEC+ pact, but the country needs to make additional deeper cuts by…
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Oil prices are set to recover beginning in the second quarter next year, helping Iraq’s oil industry and its plans to increase production capacity, Iraqi Oil Minister Ihsan Abdul Jabbar said at a virtual conference on Tuesday. Currently, the OPEC+ production cuts are delaying oil projects in Iraq, Jabbar said at the online CWC Iraq Petroleum conference. Next year could…
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Oil bulls predict demand for oil will snap back quickly as global economic conditions improve. The International Energy Agency (IEA), on the other hand, expects a more muted recovery. Not surprisingly you can find any demand forecast needed for either the bull or bear case. And that’s just for short term price and demand forecasts. Longer term demand forecasts have…
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ISLAMABAD: The government has geared up the process on two projects for turning Thar coal into gas and diesel and in is contact with two Chinese companies — China Ghazuba and China Coal, Special Assistant on Coordination of Marketing & Development of Mineral Resources Shahzad Syed Qasim disclosed this to The News on Monday. “We want to initiate two projects;…
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ISLAMABAD: Prime Minister’s Special Assistant on Revenue Dr Waqar Masood has reportedly proposed that loans of Power Holding Limited (PHL) should be converted into the government’s capital investment instead of public debt, well informed sources in Finance Ministry told Business Recorder. Dr Waqar Masood was head of subsidy cell in the Finance Division prior to his elevation as SAPM on…
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The most pragmatic statement in this regard was probably given by the Russian President Vladimir Putin when he stated that whosoever would become a leader in AI would lead the world. This statement reflects that today states are driven towards this technology in a fear of being left out. This has generated a competition and arms race with a special…
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Liquefied natural gas (LNG) may be the only solution to the gas crisis in winter. However, it has not worked due to the monopoly of government companies on LNG import, marketing and distribution. Deregulation of any business sparks competition, better service delivery and a boom in relevant sectors. Owing to the monopoly of state-owned firms, competition is absent in Pakistan’s…
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ISLAMABAD: The Supreme Court has recently ordered the federal government to establish an electricity tribunal forthwith. The Appellate Tribunal for electricity sector has been provided in the Electricity Law 2015. It could not be implemented partly due to active and passive opposition from the National Electric Power Regulatory Authority (Nepra) itself. Such opposition was actually ill-placed for Nepra suffered due…
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