Islamic State militants launched a rocket strike against an Iraqi refinery causing its shut-down, Reuters has reported, citing officials from the facility. In a statement on the terrorist group’s official channel, IS took responsibility for the attack, which caused a fire at a fuel storage tank, which has been put under control. “We completely shut down production units to avoid…
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The United States government is set to add Chinese state oil company CNOOC to a blacklist of companies with ties to the Chinese military, Reuters has reported, citing sources and a document. The move is the latest escalation in the U.S-Chinese trade spat and comes less than two months before the administration changes. So far, the Department of Defense has…
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Australia-based iron ore giant Fortescue Metals Group Ltd plans to start producing renewable energy from wind, solar, hydrogen, and ammonia in 2022 or 2023, with an ultimate goal to have as much as 236 gigawatts (GW) of clean energy capacity, founder and chairman Andrew Forrest told Bloomberg in an interview on Monday. Fortescue Metals Group, set up in 2003, currently…
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Libya’s National Oil Corporation (NOC) will not be transferring the revenues from crude oil sales to the Central Bank of Libya until the bank adopts transparent policies on the spending of those revenues, the Libyan state oil firm said on Monday. NOC was responding to a statement from last week from the Central Bank, which, the oil firm says, provided…
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French Total plans to increase its investments in Libya’s oil industry, the National Oil Corporation said, adding it had discussed with the company raising Libya’s production to “the highest levels.” Total has stakes in several Libyan oil fields, including the nation’s biggest, Sharara. The field, along with many others, was shut down for more than eight months this year after…
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Australian Oil Search plans to make the final investment decision on the Pikka project in Alaska next year and launch production in 2025, chief executive Keiran Wulff told investors in a company announcement this week. The breakeven cost of Pikka has come down to $40 a barrel, but the company and its partner in the development, Spain’s Repsol, plan a…
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The issue of power purchase, and when it is made, has come up before. Recently, PSO said that it bought additional furnace oil to meet a shortfall by K-Electric in Karachi, so that the people of Karachi would not suffer. The question, however, is why furnace oil was bought when a few months before in August and September, LNG was…
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Energy is an essential ingredient of socio-economic development and economic growth. Over the past two years the PTI government which came to power on the promise of increasing economic development has made large strides in ensuring an enhanced supply of commercial energy. Currently Pakistan produces a total of 33,961 MW of energy. Over half of Pakistan’s generation capacity is met…
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Oil production in Libya has already exceeded 1.2 million barrels per day (bpd), a source in Libya’s oil industry told Reuters on Friday, while this faster-than-expected output resumption could give OPEC+ yet another reason to reconsider its current plan to ease the ongoing cuts by 2 million bpd from January. Libya’s oil production has now reached 1.215 million bpd, the…
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Michigan’s Governor Gretchen Whitmer and the director of the state’s Department of Natural Resources have revoked Enbridge’s easement for the operation of the twin Line 5 pipeline, citing repeated violations of the easement and the need to protect the Great Lakes. “The state is revoking the easement for violation of the public trust doctrine, given the unreasonable risk that continued…
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