The cost of generating electricity jumped 72.4%, going up to Rs8.24 kWh in December 2021 compared to Rs4.78 kWh during December 2020. The increase comes mainly due to rise in furnace oil (FO), and Regasified Liquefied Natural Gas (RLNG) cost of generation, according to a note by brokerage house Arif Habib Limited. Interestingly, the generation mix reveals coal, hydel and…
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Federal Minister for Energy Hammad Azhar stated that the price of gas in our country has not increased since 2019, during a press conference in Lahore. The Federal Minister for Energy said that, “The gas reserves are falling by 9%. Gas prices rose up to 5% in the world market. The price of gas in our country has not increased…
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The US is holding discussions with Qatar and other gas exporters amid fears that a Russian invasion of Ukraine could spark a decline in supply. The talks with the Gulf state and some EU nations have focused on new ways to secure alternative seaborne liquefied natural gas cargoes. The discussions have become more intense in the last week as security…
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Russia, the world’s third-largest oil producer, has long been an unknown when it comes to the OPEC+ production agreement which caps the petroleum output of participants to support higher prices. It was Moscow’s spat with Saudi Arabia over production quotas in early 2020 which, combined with the emergence of the COVID-19 pandemic, caused crude oil prices to plunge into negative territory for the first…
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Thanks to the United States shale revolution of the last decade or so, natural gas has become an increasingly cheap and abundant source of power in global energy markets. Many world leaders and industry heads have also touted the plentiful fuel source as a cost-effective stepping stone away from more emissions-intensive fossil fuels such as coal and gas along the…
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About two years ago, OPEC+ made a high-stakes wager that it could curb oil production and drive crude prices higher without unleashing an onslaught of supply from U.S. shale producers. Indeed, Saudi Arabia was adamant that the golden age of U.S. shale was over as plunging oil prices put hundreds of companies out of business. Well, the alliance’s gambit has definitely paid…
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Sahiwal (Pakistan) January 22 (newsin.asia): The Sahiwal Coal Power plant project named as Huaneng Shandong Ruyi (Pakistan) Energy (Limited) in Qadirabad is a mega coal power project which is a part of China-Pakistan Economic Corridor (CPEC). The power plant is located about (12 miles) from Sahiwal and (9.3 miles) from Okara cantonment, just north of the road which connects the…
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Qatar’s LNG exports competed with Australia’s for the first place in 2020, although it ranked second, QEO said. According to the annual World LNG Report 2021 issued by the International Gas Union (IGU), Qatar ranked second in LNG exports in 2020, with 105bn cubic metres LNG or 77.1mn metric tonnes LNG equivalent, or 21.65% of the total global exports of…
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The China-Pakistan Economic Corridor (CPEC) has not only turned Pakistan into a power surplus country but also cut the production cost of electricity, Khalid Mansoor, special assistant to the prime minister on CPEC Affairs, said. Pakistan needs a lot of power for domestic and industrial consumers, and the nation’s main production technology depends on expensive imported furnace oil, Mansoor told Xinhua in…
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The Oil production in Pakistan during the second quarter of fiscal year 2022 (FY22) witnessed a decline of 1 per cent amidst lower production output, a research report by Topline Securities showed. The reduction in the production came largely due to the decline in production from Nashpa, Adhi, and Makori East oil fields coupled with no addition of any sizable…
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