The government may likely adjust the prices of petroleum products in petroleum levy (PL) which the government committed with the IMF to increase each month. Sources in the petroleum sector said for the ex-refinery, the pricing trend is slightly negative: around Rs1.6 per litre on petrol and Rs3 per litre on high-speed diesel (HSD). “However this price is without any…
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A week ago, the Energy Information Administration (EIA) released its latest Short Term Energy Outlook (STEO) wherein it revised its 2022 and 2023 oil production outlook. The EIA revised 2022 U.S. crude oil supply higher by 80 thousand barrels per day (kb/d) to 11.828 million barrels per day (mb/d) and crude oil supply growth for 2022 higher by 80kb/d to…
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After a series of dry wells were drilled in the Guyana-Suriname Basin from the 1960s through to the 1980s, offshore Guyana and Suriname were ignored by global energy companies. Interest was reignited by ExxonMobil’s discovery of the Liza oilfield in the 6.6-million-acre Stabroek Block offshore Guyana in 2015. That was followed by a swathe of over 30 world-class discoveries in the block,…
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US President Joe Biden and Indonesian President Joko Widodo will announce a climate finance deal providing $20 billion to help Indonesia pivot away from coal power. The funding deal, brokered between the US, Indonesia and Japan, is set to be outlined Tuesday on the sidelines of the Group of 20 summit in Bali, following more than a year of talks.…
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The government is likely to slightly increase prices of petroleum products to collect more revenue from oil consumers in the next fortnight from November 16 to 30, 2022. “Prices of petroleum products may be increased by Rs3 to Rs4 per litre,” an official of the Petroleum Division said. He added that the government was expected to adjust taxes on petroleum…
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As Sui Northern Gas Pipeline Limited (SNGPL) prepares to seek a massive price hike to meet its revenue shortfall, gas prices for consumers in Punjab and Khyber Pakhtunkhwa (KP) are likely to see an increase. According to the Oil and Gas Regulatory Authority (OGRA), a public hearing was held on Monday to review a petition filed by SNGPL. The petition,…
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Asian Development Bank (ADB) Country Director Yong Ye called on Chairman Wapda Lt Gen Sajjad Ghani (retd) to discuss financing of projects. A 5-member ADB delegation visited Wapda. The Member (Finance) Wapda and Member (Power) joined Chairman Wapda. The Wapda officials briefed about clean and green energy generation plan of Wapda to add low-cost and environment-friendly hydel electricity to the…
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Oil prices fell on Monday, dragged down by a firmer US dollar while surging coronavirus cases in China dashed hopes of a swift reopening of the economy for the world’s biggest crude importer. Brent crude futures were down 76 cents, or 0.8%, at $95.23 a barrel by 1510 GMT after gaining 1.1% on Friday. WTI crude futures fell 93 cents,…
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A public hearing was held by the Oil and Gas Regulatory Authority (Ogra) for the review of the petition filed by the Sui Northern Gas Pipelines Limited (SNGPL) (petitioner) in Lahore. The petition was filed on October 14, 2022 before the Authority under Section 8(2) of the Oil and Gas Regulatory Authority Ordinance, 2002 read with Rule 4(3) of Natural…
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In an astounding development, Chinese firm East Sea Group Limited (ESGL) has kicked off a plan to establish a $4.5 billion oil refinery in Gwadar with an annual oil processing capacity of 8 million tons, Gwadar Pro reported on Monday. According to an official document available to Gwadar Pro, the project will be constructed in two phases. The first phase…
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