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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Pakistan Gas Port Consortium Limited (PGPCL) on Tuesday issued a legal notice to Pakistan LNG Limited (PLL) for misconduct and default regarding third-party access agreement (TPPA) finalisation, causing hurdles in the private sector’s LNG imports. PLL has been urged to resolve the matter of TPPA within 90 days. In case of failure, PGPCL would move to the London Court of…
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Pakistan’s energy sector is going through severe crisis as the power sector’s receivables against various consumers including provincial governments, federal government, and private sector have crossed Rs2.5 trillion. This was stated by Tahir Basharat Cheema, former managing director (MD) Pakistan Electric Power Company (PEPCO), while addressing the launch ceremony of a book titled, “Power Sector an Enigma With No Easy…
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Prime Minister Shahbaz Sharif enjoys the reputation of a doer. He enjoys being known for doing things at speed. His current stint has not allowed him to show much speed given the firefighting jobs his government seems to be doing on a daily basis. Until a bright idea popped up. The rising energy prices that led to an import challenge…
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The top management of the Sui Southern Gas Company (SSGC) has violated a decision from its board of directors and reimbursed a multi-million-rupee club membership fee to over 25 executives. The company management had failed to honour the decision of the board of directors (BoD) of SSGC which had directed the management to immediately stop privileges including club membership facility…
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After a swathe of oil discoveries in offshore Suriname, primarily in Block 58, since the start of January 2020 there was considerable speculation that the former Dutch colony will be the next Guyana. Since the start of 2022, a series of challenging obstacles emerged which are threatening Suriname’s nascent oil boom and its potential to become a leading petroleum producing…
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China has broken ground on a renewable energy project worth an estimated $11 billion in the province of Inner Mongolia. According to a Bloomberg report, the project will have a capacity of 16 GW and produce some 40 billion kWh of electricity to Beijing and the provinces of Tianjin and Hebei. The project will combine solar, wind, and upgraded coal power,…
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A Cheshire wind farm developer has threatened to sue the UK government over its plans to impose a ‘windfall tax’ on renewables companies. Community Windpower – which owns 1.5 GW of UK wind generation capacity – has said it will take legal action to block the UK’s Electricity Generator Levy. The temporary tax imposes a 45 percent levy on “exceptional…
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