The Organization of Petroleum Exporting Countries and their allies in OPEC+ are on a collision course with energy watchdog International Energy Agency (IEA) on at least two counts. Last month, the Paris-based IEA delivered the starkest warning yet on fossil fuels, saying the exploitation and development of new oil and gas fields must stop this year if the world remains…
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The National Economic Council (NEC) on Monday approved Rs2.1 trillion for the national development outlay, as the federal government allocates nearly two-third of its budget for infrastructure projects to satisfy unhappy parliamentarians and meet national needs. The meeting of the NEC – the constitutional economic decision making body, was marked by agitation by the Sindh chief minister over what he…
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Khyber Pakthunkhwa Government has proposed Rs40 billion development package for exploration of oil and gas activities in merged tribal districts in upcoming budget 2021-22 to fulfill Pakistan’s growing energy and fuel demands. Engineer Muhammad Luqman, Senior Planning Officer, KP Energy and Power Department told APP on Monday that a special development package worth Rs40 billion were proposed for inclusion in…
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Natural gas futures opened the week lower as a trifecta of bearish factors, including a large drop in export feed gas demand, brought prices down a couple of notches. The July Nymex gas futures contract fell 2.7 cents to $3.070. August fell 2.5 cents to $3.089. Spot gas prices were higher, however, as heat blanketed the Midwest and Northeast. NGI’s…
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LAUNCESTON, Australia (Reuters) -Thermal coal prices across Asia have surged to multi-year highs amid strong demand and some supply constraints, but some types of the fuel have done better than others. This was the highest in more than a decade. This grade has now climbed 49% since the end of last year, and 162% from its 2020 low of $46.37…
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With oil prices rebounding to pre-COVID levels as demand slowly returns, independent oil and gas companies need to resist the temptation of thinking that their biggest challenge is behind them. Short-term, the pandemic sent the markets into a tailspin. COVID-19 created a temporary market imbalance that, while devastating to demand and pricing in 2020, should be corrected by 2022. But…
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As international crude oil prices have started to rise and calls for Brent at $100/bbl are being heard, panic must be setting in Islamabad, although it may not be apparent yet. There have been calls for gradual increase in petroleum prices in anticipation of the price increase before it gets too late. (See: “Oily slope” published on June 7, 2021).…
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The International Maritime Organization (IMO) has certified Byco’s oil spill response (OSR) team for achieving Level II and III professional training and certification, a statement said on Monday. Byco is the only Pakistani oil company having a dedicated oil spill response team capable of managing oil spills, whose members are IMO certified, it added. Azfar Saeed Baig, vice president of…
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Amid the LPG prices going up in the country, JJVL (Jamshoro Joint Venture Limited) LPG and NGL extraction plant still awaits the nod of Sui Southern Gas Company (SSGC) for supply of gas despite the fact that AF Ferguson & Company (AFFCO), appointed as supervisor by the Supreme Court in its final determination report, has established the commercial and financial…
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An atmospheric research station in Hawaii recorded its highest concentrations of carbon dioxide since accurate measurements began 63 years ago, a government agency said Monday, adding that the coronavirus pandemic had barely impacted rising levels of the greenhouse gas. The Mauna Loa Atmospheric Baseline Observatory’s measurements for May 2021 averaged 419 parts per million (ppm), up from 417 ppm in…
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