Russia produced an average of 9.93 million bpd of crude oil and condensates last month, a little above its OPEC+ quota but still down 11.8 percent on the year, Interfax reported today, citing data from the Energy Ministry. Production of oil and condensates over the first nine months of the year averaged 10.35 million bpd, down by 7.8 percent on…
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ExxonMobil is set to post its third straight loss in its upstream business this year, as lower oil demand continues to hurt oil companies’ profitability. In an SEC filing on Thursday, Exxon provided a Q3 earnings considerations update of its expectations for the third-quarter results relative to the second quarter. The U.S. supermajor is reporting Q3 financials on October 30.…
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Researchers at the University of Queensland in Australia mapped the countries and regions within them that will likely become mining hotspots as the world moves towards a low carbon future. In a paper published in the journal Nature Communications, the researchers explain that this exercise led them to conclude that such a transition is expected to lead to more mining…
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Deadly clashes between Armenia and Azerbaijan are unlikely to result in major disruptions to energy production and supplies, analysts say, despite the region being a critical corridor for pipelines transporting oil and gas to the global markets. “There is not really much anticipation that this will boil over into something more serious for oil and commodity markets,” Edward Bell, a…
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Oil prices edged up on Monday as global equities rallied on hopes for another U.S. stimulus package, but rising virus cases fed concerns about fuel demand and kept oil futures from moving higher. Brent crude settled 51 cents, or 1.22%, higher at $42.43 per barrel. West Texas Intermediate settled 35 cents, or 0.9%, higher at $40.60 per barrel. “There is…
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ISLAMABAD: A team of the Oil and Gas Regulatory Authority (OGRA) has initiated on-site audit of the Sui Northern Gas Pipeline Limited (SNGPL) for the first time. Member Gas Muhammad Arif along with OGRA experts visited the SNGPL where they studied internal business control, systems and procedures adopted by the SNGPL relating to the regulated activity. The team reviewed and…
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More than its quasi-judicial muscle, the power-sector regulator has started operating through backchannels to challenge the bureaucracy’s entrenched practices that have resulted in a black hole of more than 30pc in electricity generation through transmission, distribution and cost recovery. In February this year, a team of the National Electric Power Regulatory Authority (Nepra) led by its top officials reached out…
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KARACHI: Pakistan’s hub of economic activities, Karachi, continued to face prolonged power outages on Wednesday that badly crippled industrial output at a time when the economy is poised to recover from the historic Covid-19 depression. K-Electric, the sole power production, transmission and distribution firm responsible to supply power across the city of ports and other parts of Sindh and Balochistan,…
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The federal government has waived the guarantee fee on the Chinese loans being taken to construct two nuclear power plants in Karachi and also sought a report on the total outstanding employee-related liabilities of the Pakistan Steel Mills (PSM). The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved to write off 0.5% guarantee fee on the foreign loans…
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A mine will always impact the environment, but the question is to what degree? The responsible management of natural resources and ecosystems such as soils, plants, animals, water and air, and the services they provide, is central to the efforts of any society seeking to become more sustainable. The Intergovernmental Forum on Mining “IGF” has identified four issues that governments could effectively…
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