Deepwater oil and gas production is set to increase by 60% by 2030, to contribute 8% of overall upstream production, according to a new report from Wood Mackenzie, as cited by Rig Zone. Ultra-deepwater production is set to continue growing at breakneck speed to account for half of all deepwater production by 2030. In the oil and gas exploration and production…
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The government informed the National Assembly on Thursday that the country was not importing oil at discounted rates from any country, while matters pertaining to the import of oil and gas from Russia were currently under consideration of the petroleum division. During the session, chaired by Speaker Raja Pervaiz Ashraf, the members congratulated the newly-appointed chief of army staff (COAS)…
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Oil prices rose in Asia on Friday, despite thin market liquidity, after a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil. Brent crude futures rose by 28 cents, or 0.33 per cent, to trade at $85.62 a barrel at 0410 GMT. US West Texas Intermediate (WTI) crude futures climbed 49 cents,…
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There has been growing uncertainty about the ability of Pakistan to meet external financing obligations with the country in the midst of an economic crisis and recovering from devastating floods Pakistan will repay a $1 billion international bond on December 2, three days before its due date, the governor of Pakistan central bank told a briefing on Friday. There has…
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Siemens Pakistan Engineering Company Limited (PSX: SIEM) announced its financial performance for FY22 ending on September 30, 2022 with a whopping jump in profits. The company’s earnings for the year were up by almost double. It operates in gas & power (G&P), smart infrastructure (SI), and digital industries (DI) divisions. SIEM’s sales revenues increased by 50 percent year-on-year, and the…
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ollowing in the footsteps of other central banks, the State Bank of Pakistan (SBP) is also doing its due diligence on launching its own digital currency, known as the Central Bank Digital Currency (CBDC), and is undertaking the cost and benefit analysis of this venture. SBP Governor Jameel Ahmed shared the development while addressing participants at the ‘1st Pakistan Fintech…
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Bali, Indonesia; November 23, 2022: ACWA Power, a leading Saudi developer, investor, and operator of power generation, water desalination and green hydrogen plants worldwide, and PERTAMINA New & Renewable Energy (PERTAMINA NRE), have signed a joint development agreement (JDA) to develop the core utilities supply for the Tuban Grass Root Refinery and Petrochemical Project. The agreement was signed by Dannif Danusaputro,…
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Oil traders and speculators could see the “mother of all buying opportunities” for WTI crude oil in December, as oil prices are about to dip further in the coming days, CNBC’s Jim Cramer says. Oil prices have traded down so far this month, as fears of recession and China’s surging Covid cases have weighed on market sentiment despite the imminent EU…
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il prices fell overnight as the debacle of the Russian Oil Price Cap scheme continues in Europe. The biggest news is that the EU ambassadors are considering setting the Russian oil price cap at between $65 and $70 (which is around the level Russian crude currently trades at). “A $65-$70 price cap on Russian oil would not mean that much…
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The Federal Board of Revenue (FBR) has conceded before a parliamentary panel of collecting a significant amount of revenue through electricity bills as effective tax rate is 58 percent per unit on commercial consumer and 29 percent on domestic consumers. Senate Standing Committee on Finance and Revenue presided over by Senator Saleem Mandviwalla Wednesday inquired from the officials of the…
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