Back in mid-February, Pioneer Natural Resources’ Scott Sheffield told Bloomberg that “Whether it’s $150 oil, $200 oil, or $100 oil, we’re not going to change our growth plans.” Despite all that has happened since then, centered on Russia’s invasion of Ukraine, the attitude expressed by Sheffield in February has not changed, even though shale drillers are now almost literally raking…
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In the two most recent U.S. presidential administrations, Central Asia has been caught up in Washington’s “strategic competition” with Beijing, experts say. And, they add, that under the presumption that Central Asians share Washington’s concerns, the United States, highlighting human rights violations in China’s western region of Xinjiang, has insisted the countries in the region reevaluate their relations with Beijing,…
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The European Union said companies can keep buying gas without breaching sanctions, as it softened its stance in a standoff with Moscow over energy supplies. The European Commission sent its revised guidelines to member states on Friday, a spokesperson said on Monday. In the updated recommendations, it said companies should make a clear statement that they consider their obligations fulfilled…
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The discovery of another marine natural gas reservoir, announced May 9 by British natural gas company Energean, underscores Israel’s emerging status over the past decade as a regional power in the field of natural gas. The country is capable of providing not only for its own needs, but for the needs of its neighbors as well, and even for other…
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Senate Standing Committee on Power has directed Power Division to suspend Board of Directors (BoD) of Central Power Generation Company Limited (CPGCL) and send their case to an authorized probe agency for not taking action against alleged officials responsible for damage to GT-14 of 747 MW Guddu Combined Cycle Plant. Presided over by Senator, Saifullah Abro, the committee held that…
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The government’s decision to keep the price of oil unchanged is a political move in the context of the current political situation in the country, which contradicts the ground realities, said Chairman of National Business Group Pakistan and President Pakistan Businessmen and Intellectuals Forum, Mian Zahid Hussain. He said complete elimination of oil, gas and electricity subsidies is necessary to…
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The total fuel subsidy to date reached Rs195 billion during March-May 2022, posing negative implications on the Oil Marketing Companies (OMCs) liquidity. The subsidy poses negative implications in particular to Pakistan State Oil (PSO) which has the largest share of around 50 per cent in retail fuel supply in the country. The government has maintained the prices of local oil…
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Amid the Ministry of Finance’s protest over ‘unsustainable fuel subsidy’, the Economic Coordination Committee (ECC) approved Rs55.48 billion for immediate reimbursement of price differential claims (PDCs) to the oil industry at cheaper rates of petroleum products than their costs for the first half of May. The ECC meeting, presided over by Federal Minister for Finance & Revenue Miftah Ismail, also…
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Oil Companies Advisory Council (OCAC), the primary representative of Pakistan’s downstream oil industry, has issued the sales numbers of High Speed Diesel (HSD) and Motor Spirit (MS) for the first fortnight of May 2022. The cumulative sale of HSD for the first fortnight was 363,667 MT, whereas the sale of MS stood at 363,210 MT. Expressing his concerns, Waqar Irshad…
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The National Electric Power Regulatory Authority (NEPRA) has declared that K-Electric is generating electricity from ‘expensive and inefficient’ plants —— like Unit-3 of the Bin Qasim Power Station-1 (BQPS-1) —— with the impact of additional cost being reflected in the monthly Fuel Charge Adjustment (FCA) of Karachi-Electric Limited (KEL). Also, the delay in meeting the commercial operation date (COD) for…
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