Oil & Gas Development Company Limited (OGDCL) as operator with (50%share), Mari Petroleum Company Limited (MPCL) (33.33%) & Saif Energy Limited(SEL)(16.67%) in joint venture of Kohat Exploration Licence (E.L) has started commercial production of Gas and Condensate from its exploratory well Togh # 01, which is located in district Kohat, Khyber Pakhtunkhwa Province. OGDCL indigenously completed 8” inch dia, 3.5…
Read More
ISLAMABAD: After months of speculation, the government removed Secretary Power Irfan Ali on Tuesday following his disagreements with key authorities over a number of contentious issues, including net hydel profit (NHP) to provinces, unending circular debt, the procedure for induction of future power projects and ongoing problems with K-Electric. A grade-22 officer of the Pakistan Administrative Service, Mr Ali was…
Read More
Bus ride-hailing service Airlift has raised an impressive $10 million in Series A-1 financing, taking its total investment to $24.1m, its co-founder and CEO Usman Gul said in a statement. “At a time of mass turbulence in capital markets, Airlift’s Series A-1 round marks one of the largest capital investments in the region,” Gul said in a statement posted on Medium.…
Read More
KARACHI: K-Electric (KE) has received a fresh Public Announcement of Intention (PAI) from Shanghai Electric to acquire 66.4 per cent voting shares of KE. As per documents, Shanghai Electric intends to acquire 18,335,542,678 ordinary shares of KE, which is equivalent to 66.4 per cent of KE’s total issued share capital. The intended acquisition entails a purchase of 66.4 per cent of…
Read More
Belgium has surpassed Denmark in terms of the installed offshore wind capacity and is now ranked fourth in the world, Belgian Offshore Platform (BOP) said. Following the commissioning of the 219 MW Northwester 2 wind farm in May, Belgium now has 1,775 MW of installed offshore wind capacity, compared to Denmark’s 1,703 MW. The United Kingdom is at the top…
Read More
Global energy demand may well have peaked last year, and the same may be true for carbon dioxide emissions, Norwegian energy consultancy DNV GL said in a new report. According to the consultancy, over the next three decades, the world’s energy demand will actually decline, and in 2050 demand will be on a level with what it was in 2018. The reasons…
Read More
Saudi Arabia’s Energy Minister Prince Abdulaziz claimed last week that the Kingdom will be the world’s biggest hydrocarbon producer “even” in 2050. “I can assure that Saudi Arabia will not only be the last producer, but Saudi Arabia will produce every molecule of hydrocarbon and it will put it to good use … It will be done in the most…
Read More
The United States held a record-high level of commercial crude oil inventories as of the week to June 19 following the collapse in demand in the lockdown and the slow demand recovery after lockdowns were lifted, data from the Energy Information Administration (EIA) showed on Monday. In its latest Weekly Petroleum Status Report, the EIA reported a 1.4-million-barrel increase in…
Read More
ISLAMABAD: With a view to wriggling Karachi—business capital of Pakistan out of crippling power outages and to avoid increasing loadshedding in Punjab, KP, Sindh and Balochistan, the state owned Pakistan State Oil (PSO) is all set to hold much awaited bids opening tomorrow (June 30, 2020) for import of furnace oil. And the furnace oil will be imported through Pakistan…
Read More
As if the economic fallout from the novel coronavirus pandemic weren’t enough, a series of trade battles have redoubled the United States’ economic woes in recent weeks. Like everywhere else around the globe, the U.S. has seen a severe downturn in nearly every economic sector and soaring rates of unemployment as the country shut down in the face of COVID-19.…
Read More
