Retailers are continuing to put up fuel prices when they should reduce them in line with savings in wholesale oil prices, the RAC motoring services organisation has claimed. In response to concerns about the Omicron variant, oil prices fell by around $10 a barrel last week. But this reduced wholesale fuel price has not been reflected at the pumps. Retailers…
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Chinese buyers of liquefied natural gas (LNG) are pulling back on spot purchases of the super-chilled fuel as prices remain high and inventories are ample, several trade sources told Reuters. Close to record high freight rates are also crimping demand in the world’s top LNG buyer, resulting in only minor interest from Chinese buyers in the spot market for January…
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The country’s energy sector circular debt has increased by 120 percent to Rs 2.419 trillion on October 31, 2021 as compared to Rs 1.100 trillion when Prime Minister Imran Khan-led Pakistan Tehreek-e-Insaf (PTI) took over the government in August 2018 despite over 50 increase in base tariff, including Rs 3.34 per unit this year, due to inefficiencies, well-informed sources told Business…
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Sui Northern Gas Pipelines Limited’s board of directors on Friday allowed a waiver of the minimum 66 per cent take-or-pay clause for three government-owned liquefied natural gas (LNG) power plants in Punjab in a bid to reduce the burden of capacity payments and increase the interest of both local and foreign investors in the government’s plan of privatising these projects.…
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The Petroleum Division has shared information on deemed duty of refineries with the Cabinet Committee on Energy (CCoE) aimed at updating the forum on this matter due to some controversies. “The summary on deemed duty was placed on CCoE agenda for information and about past upgradation. No decision was sought,” said Minister for Energy, Hammad Azhar while replying to a…
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Optimization of upstream production often requires application of digital technology that augments the physical infrastructure in oil and gas fields and streamlines the process of collecting and integrating valuable domain data for analysis. Artificial intelligence (AI) applied to production fields can provide holistic monitoring and predictive insights to improve operations and increase production. A good example is AI-based virtual metering.…
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The Strategic Petroleum Reserve (SPR) has been a controversial part of the energy debate since the first Arab oil embargo. During the 1973 Arab-Israeli War, Arab members of the Organization of Petroleum Exporting Countries (OPEC) imposed an embargo against the United States in retaliation for the U.S. decision to re-supply the Israeli military. Shortages of crude oil and petroleum products…
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Turkey on Thursday accused Cyprus of violating its continental shelf by awarding an exploration license in the Mediterranean to Exxon Mobil (XOM.N) and Qatar Petroleum [RIC:RIC:QATPE.UL], adding it will not allow unauthorised exploration in its jurisdiction. For decades, Turkey has been at odds with Greece and Cyprus over competing territorial claims in the east Mediterranean, air space, energy, the status of some…
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No restriction at all in Pakistan if power consumers want to install solar systems to energize their homes, offices’ The Sindh government has advised the general public to install solar systems as an effective and clean off-grid solution to meet their energy needs both for their homes and offices. The advice to this effect was given by the Sindh government’s…
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