Prime Minister Imran Khan has sought an explanation from the Petroleum Division in the wake of complaints from ministers for railways and maritime affairs over failure of Pakistan State Oil (PSO) to utilise services of state units for oil transport. During discussion in a cabinet meeting last week, the railways minister said that PSO had discontinued transport of POL products…
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With Rs9.6 billion extra cost due to shortage of Liquefied Natural Gas (LNG) in July, the National Electric Power Regulatory Authority (Nepra) on Wednesday finalised about Rs1.38 per unit increase in electricity rates for ex-Wapda distribution companies (Discos) for a month under the fuel cost adjustment (FCA). At a public hearing presided over by Nepra chairman Tauseef H. Farooqui, the…
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Pakistan has stepped up its oil and gas imports this year from last year as demand from its power sector increases amid more economic activities as coronavirus-induced restrictions are lifted, industry sources said. Any significant increase in imports typically push up prices for these fuels. So far in 2021 through September, Pakistan has imported at least 785,000 tonnes of fuel…
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Amid unending liquefied natural gas (LNG) difficulties, the country’s pioneer importer — Pakistan State Oil — did not get even a single bid for Oct 22-24 delivery window due to supply constraints in the international market. When contacted, a PSO spokesperson confirmed that the company was scheduled on Wednesday to technically qualify bidders for LNG supply, but did not receive…
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ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) notified on Tuesday an increase of Rs5 per kilogramme in the price of Liquefied Petroleum Gas (LPG) for the month of September. According to a notification issued by the country’s oil and gas regulator, one kilogramme of LPG will now cost Rs175. The LPG cylinder used for household purposes will be available…
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As oil markets prepare for the OPEC+ meeting, Hurricane Idea took 2 million barrels per day of refining capacity offline, dragging oil prices down. Chart of the Week – A growing wave of kidnappings and attacks on oil workers in Nigeria is sapping the long-term production prospects of Africa’s largest producers, S&P Platts reports. – The Assa North gas project developed…
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Illegal mining of mines and minerals continues despite a ban in the district, 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. They said that there were substantial mine and mineral reserves…
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Oil major Shell has acquired a share in the Transkei & Algoa blocks offshore South Africa from Impact Oil & Gas. Following completion of the transaction, first agreed on in November 2020, Shell is now the operator of the block with a 50% stake and Impact Oil & Gas owns the remaining 50%. stake. Also, Impact said Tuesday that the…
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As the global economy emerges from the pandemic and commodity prices continue on a recovery path, it’s becoming increasingly evident that the oil and gas industry is standing on the precipice of something big. Scores of Wall Street punters have issued a generally bullish short-to-mid-term oil outlook despite the formidable headwinds posed by the pandemic. Even the normally conservative IEA…
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Less than 1% of hydrogen today is produced using renewable energy. “Green hydrogen” is made using 100% renewable electricity to split hydrogen from water molecules. For now, this is the only established way to produce hydrogen without emitting climate or air pollution. For hydrogen to have a role in our clean energy future, the first priority should be deploying green…
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