Turkey has begun to pay partially in rubles for the Russian gas it receives, Turkish Energy Minister Fatih Donmez told a local broadcaster on Tuesday. Over the coming months, Turkey will increase the share of ruble payments for Russian gas, the minister told the TRT Haber television channel. Shortly after the invasion of Ukraine, Russia demanded that the so-called “unfriendly” countries –…
Read More
The key driver of the rising inflation causing economic mayhem across the developed world remains historically elevated oil and gas prices that have been in play since the prospect of Russia’s invasion of Ukraine first came into view, which was in September last year, when the oil price was around US$65 per barrel (pb) of Brent. This rise, when combined with…
Read More
The U.S. Energy Information Administration has slashed its world oil demand growth forecast for next year as President Biden lashed out at oil companies for not expanding supply, and as OPEC+ moved last month to cut production targets by 2 million bpd. The EIA has cut its 2023 world oil demand growth forecast by 320,000 barrels per day, to 1.16…
Read More
Displeased over the continued absence of the federal power minister from its meetings, the Senate Standing Committee on Power on Tuesday once again deferred a key government bill and expressed concern over rising circular debt and ‘out-of-merit’ selection of directors to the boards of power sector entities. The meeting of the committee presided over by Senator Saifullah Abro took up…
Read More
State-run gas utilities, Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company (SSGC), have sought a massive increase in gas prices, ARY News reported on Tuesday. According to details, the gas companies have filed a petition with Oil and Gas Regulatory Authority (OGRA), seeking a massive increase in gas prices. SNGPL has asked OGRA to increase the prescribed…
Read More
Four new exploration blocks in Balochistan have been provisionally awarded to Mari Petroleum Company Limited (MARI), Pakistan Petroleum Limited (PPL), and Oil and Gas Development Company Limited (OGDCL) by the Ministry of Energy’s Directorate General of Petroleum Concessions (DGPC). The E&P companies informed the Pakistan Stock Exchange (PSX) of this on Tuesday. “The Government of Pakistan has provisionally awarded four…
Read More
Winters are approaching, in fact are there already. There is usually higher gas demand in winters due to heating and later heating requirements. Local gas supplies have been decreasing 10% per year. In the last few years, LNG filled quite some gap and used to be quite affordable. As is common knowledge, there is energy and especially gas crisis all…
Read More
The Ministry of Energy’s Petroleum Division on Tuesday dismissed reports over an impending fuel shortage, terming the news “contrary to facts”. The ministry in a post on its Twitter handle informed that as of November 7, 2022, petrol stocks were around 550,000 metric tons (MT), which is sufficient for 21 days. “Diesel stocks are 438,000MT, adequate for 15 days, based…
Read More
Two state-owned energy companies announced separately on Tuesday they’ll seek approval from their respective shareholders to subscribe to 33.3 per cent shares of Pakistan Minerals Ltd for taking part in the reconstituted Reko Diq project. The reconstituted project, which will excavate gold and copper reserves in Balochistan, has saved the country from an $11 billion penalty in the Reko Diq…
Read More
