At least two other oil majors shuttered their Gulf of Mexico platforms on Friday following a leak in the Fourchon booster station, shutting down the flow of crude through the Amberjack Pipelines. On Thursday, Shell halted production at its Mars, Ursa, and Olympus platforms, which can produce 410,000 bpd. Shell did not provide an estimate for when the platforms would…
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Europe’s supply of fuels such as coal and petroleum products faces further disruptions in the coming days as the water levels on the Rhine River—a key waterway for barge transportation – are expected to sink below the level of navigability. The Rhine River, which runs northwest from Switzerland through Germany, France, and the Netherlands into the North Sea, is a…
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Providing regionally competitive energy by providing subsidy to the exporting sectors was always a challenge; it has now become an even more daunting task. Energy prices are high which would mean a higher requirement of subsidy. As per an agreement with the International Monetary Fund (IMF), however, there is no room for supplementary grants. The textile industry is demanding a…
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July 2022 offered a much-needed breather as Pakistan’s LNG imports halved from a month ago at c. $350 million. Recall that LNG imports for both May and June 2022 crossed $750 million, as the government opted to import spot cargoes at record high prices. There was not much on offer for July 2022 as the authorities failed to receive a…
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The National Electric Power Regulatory Authority (Nepra) Friday allowed ex-Wapda power distribution companies (XWDISCOs) to make a whopping Rs9.8972 per unit additional collection from the power consumers in their billing month of August. In June they paid less than what was the cost of the power generation, especially from costly imported RLNG [Regasified Liquefied Natural Gas] and oil and devaluation…
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A study “Regional Competitive Energy Tariffs and Textile Sector Competitiveness (Phase II)” was conducted between April and July 2022, which analyzed the regional competitiveness of the textile industry in Pakistan from the perspective of energy and related issues faced by the textile sector through an exhaustive desk research, field surveys, and analyses. The focus of the field work, in June…
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The government has formally decided to supply electricity at a rate of 9 cents per kWh and RLNG at $9 per MMBtu without any disparity to zero-rated five export-oriented sectors across the country for existing connections till end-June 2023, The News has learnt. Textiles including jute, leather, carpet, surgical, and sports goods will get the energy at regionally competitive rates…
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E3PK#news@9)1 Dear Pakistanis, On behalf of the Beacon Energy Limited team, I would like to wish you a happy Independence Day. As we celebrate the 75th anniversary of our nation’s independence, let us remember those who sacrificed their lives so that we could live in freedom. Let us also remember that we, as citizens, have a responsibility to play our…
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The National Electric Power Regulatory Authority (Nepra) on Wednesday allowed the K-Electric to collect additional Rs0.5715 per unit on account of quarterly tariff adjustments for three months from June to August 2022 that will be charged in the next three months starting from August to October 2022, raising the average tariff to Rs26.08 per unit. This upward adjustment would be…
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U.S. gas exporter, Freeport LNG, has retracted the force majeure it initially declared after an explosion in June, a development that could cost its buyers billions of dollars in losses, a document showed and three trading sources said. Force majeure is a notice used to describe events outside a company’s control, such as a natural disaster, which usually releases it…
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