The E&P sector’s production of crude oil and natural gas has been declining in recent years due to depleting reserves and discoveries smaller in size. E&P sector’s production flows in 2QFY21 continued to fall with around 6 and 4 percent fall in oil and gas production year-on-year, respectively. Crude oil production during 1HFY21 fell by around 6 percent year-on-year, while…
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wo major industries around the world – arms and energy – have continued to dominate for a long time and have driven diplomatic and strategic relations between different countries. Energy diplomacy leads to interdependence on each other. Energy trade is not only confined to commercial business but it also provides opportunities for countries to expand their footprint in foreign markets. Traditionally, the…
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Pakistan Point News – 24th Feb, 2021 ) :Federal Minister for Power Division Omar Ayub Khan on Wednesday said the government plans to open the energy market for the competitive bidding process to be initiated this year soon after the approval of Indicative Generation Capacity Expansion Plan (IGCEP). Addressing Financial Closure ceremony of 250 MW solar power projects, the minister…
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As international oil prices rise rapidly, Pakistan needs to gear up to face the economic challenges that it would trigger. This spike in the global oil prices is likely to result in a surge in inflation, a high import bill and an enlarged fiscal deficit. The international benchmark crude oil Brent was up $1.06, or 1.6%, at $65.30 a barrel…
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ISLAMABAD: The disagreement among the Ogra members and its functionaries is pushing the future of flare gas to the danger zone as various sectors of economy, including CNG sector, want to use the commodity knowing the fact the country sustains annual losses of $109.5 million because of failure to use flare gas after its proper treatment. This was stated in…
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ISLAMABAD: With sub-optimal utilisation of earlier $4.5 billion worth of three-year financing framework, Pakistan and the International Islamic Trade Finance Corporation (ITFC) on Wednesday signed a $1.1bn trade financing facility for the current year. Under the Annual Financing Plan, “ITFC will mobilise trade financing of $1.1bn during the year 2021”, said an official statement after the signing ceremony. The financing…
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LAHORE: Coal-based power generation in January rose to the seven-month high of 2,560 gigawatt hours (GWh) as total generation from different fuels increased by 3.7 per cent to 8,079 GWh from 7,794 GWh a year ago and by 2.5 per cent from 7,880 GWh from the previous month. Coal power generation in the country peaked at 2,581 GWh in July…
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MEXICO CITY/NEW YORK (Reuters) – Oil trading firms, including Trafigura, are supplying Mexico with emergency cargoes of liquefied natural gas (LNG) to overcome a power crisis caused by interrupted U.S. natural gas supplies, three sources close to the purchases said. Mexico’s state-run power company Comision Federal de Electricidad (CFE) last week resorted to LNG imports as natural gas supplies from…
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Pakistan recorded a current account deficit – higher foreign expenditures compared to income – for the second successive month in January at $229 million mainly due to increase in import of food items, industrial raw material and machinery. The growth in imports – mainly of industrial goods and machinery – indicates expansion in businesses and growth in economic activities in…
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Oil prices rose on Monday as the slow return of US crude output cut by frigid conditions served as a reminder of the tight supply situation, just as demand recovers from the depths of the Covid-19 pandemic. Brent crude was up $0.51, or 0.8%, at $63.42 a barrel by 0945 GMT, after gaining nearly 1% last week. US oil rose…
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