The Islamic Emirate of Afghanistan’s (IEA) Ministry of Industry and Commerce (MoIC) has welcomed Russia’s suggestion that it will export gas to Afghanistan and Pakistan. The ministry said in a statement on Saturday that the Islamic Emirate is fully committed to positive economic relations with all countries and has already provided the ground for regional connectivity. “The Islamic Emirate welcomes…
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Prior to the pandemic-induced downturn in world oil production, U.S. oil production growth was responsible for 98 percent of the increase in world production in 2018 (as reported in 2019). Almost all of that growth resulted from rapid increases in shale oil production which accounted for 64 percent of U.S. production (as of 2021). Fast forward to today when Oilprice.com…
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THE oil and gas (O&G) sector is expected to run into twin headwinds this year, characterised by the volatility in the energy market and the slowdown of the global economy. One bright spot for Malaysia is Petroleum Nasional Bhd (Petronas) and the overall positive sentiment towards its activities for 2023-2025, as well as the national oil giant’s third-quarter net profit which…
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Domestic consumers are bracing for long hours of gas outages as they are receiving supplies for only eight hours a day to meet cooking needs amid growing demand of gas in current winter season and non-availability of expensive imported LNG on spot purchase. The gas deficit in the country for the winter season 2022-23 has been worked out at 1.35…
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The district administrations of Peshawar and Mardan divisions on Saturday imposed bans on opening of all CNG stations in the districts from January 1 to January 31. In separate notifications, the decision has been made on the recommendation of Sui-Northern Gas Pipeline Limited (SNGPL) and Home and Tribal Affairs Department. All the CNG stations situated in both divisions would be…
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The long-awaited project of connecting the Thar coal deposit by railway to the Pakistan Railway network is set to soon receive financing. PC-I of the project has reportedly been prepared and is expected to be approved soon”. The total project cost of Rs 58.240 billion would be supported on an equal cost sharing basis through the Public Sector Development Programme…
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The National Accountability Bureau (NAB) has initiated an investigation against ‘illegal’ recruitment and promotion in Sindh Assembly, ARY News reported on Saturday. According to details, the accountability watchdog initiated an investigation against ‘illegal’ recruitment and promotion in Sindh Assembly and sought details from Secretary Sindh Assembly Umar Farooq. As per a statement, the NAB has sought details from Secretary…
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Oil and gas producers seemingly have settled on a strategy. OPEC and Russia will limit production and let prices rise during a global war-famine-pandemic. OPEC sets the price umbrella while the Russians discount the price for obvious geopolitical reasons. All other big oil producers adhere to pricing and supply discipline knowing that OPEC’s costs of production are so low that…
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Guyana’s offshore oil boom continues to gain momentum. It is the ExxonMobil-led consortium operating the 6.6-million-acre Stabroek Block offshore Guyana which stands to benefit the most from what analysts describe as the last great frontier offshore oil boom. The global energy supermajor has made over 32 world-class discoveries in the Stabroek Block and is now pumping 360,000 barrels per day…
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Growth stocks have been thoroughly hammered this year, with high inflation and rising interest rates pinching growth equities of all stripes. But few stocks exemplify the dramatic shake-up at the top, like leading EV maker Tesla Inc. (NASDAQ: TSLA). TSLA stock has tanked 69.5% in the year-to-date, wiping off a staggering $877 billion from its market cap. In comparison, the…
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