Month: January 2020

Brazil produced more than 1 billion barrels last year, the first time it has breached the 1-billion-barrel mark, Reuters reports, citing the country’s oil regulator, ANP. The daily average stood at 3.106 million bpd, up 7.78 percent on 2018, ANP also said. More than half of the total oil production Brazil recorded in 2019 came from the prolific presalt zone off its coast. The contribution of the presalt zone stood at 633.98 million barrels, which was an annual improvement of 21.56 percent. Brazil’s crude oil production topped 3 million barrels per day for…

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The American Petroleum Institute (API) estimated on Wednesday a surprise crude oil inventory build of 1.57 million barrels for the week ending January 17, compared to analyst expectations of a 1.009-million-barrel draw in inventory. Last week saw a build in crude oil inventories of 1.1 million barrels, according to API data. The EIA’s estimates, however, were of a draw of 2.5 million barrels for that week. Oil prices were down earlier in the day prior to the afternoon data release, despite continued unrest in oil-rich Iraq and a near-complete oil production disruption in Libya, as…

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Crude oil prices were stubbornly down following the Energy Information Administration reported a modest crude oil inventory draw of 400,000 barrels for the week to January 17 This compared with analyst expectations of a 1.117-million-barrel inventory decline and a draw of 2.5 million barrels reported a week earlier. Last week, however, oil prices were pressured by the EIA’s reporting of hefty builds in both gasoline and distillate fuel. For last week, the authority reported a build in gasoline, of 1.7 million barrels, and a 1.2-million-barrel decline in distillate fuel inventories. This compared with a…

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Adviser to Prime Minister on Climate Change Malik Amin Aslam has urged the Pakistani companies showing excellence in corporate philanthropy to join hands with the government as partners in the Prime Minister’s Clean and Green Pakistan initiative. He stated this while speaking as being the guest of honour at the 12th Annual CSR Summit and Awards-2020 organized by National Forum for Environment and Health (NFEH). On the occasion, over 60 companies were conferred awards for showing outstanding performance in the arena of Corporate Social Responsibility. The PM’s adviser said on…

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KARACHI: Coal-based electricity generation jumped 94.5 percent to 2,030 GWh in the year to November 2019, taking its share in country’s energy mix to 27 percent, data issued by National Electric Power Regulatory Authority (NEPRA) showed on Tuesday. Analysts said induction of China Power Hub Generation and Engro Powergen Thar in the system was the key reason behind a massive surge in coal-based power generation. China Power Hub Generation Company (CPHGC) set up a 1,320-megawatt plant at a cost of $2 billion at Hub, Balochistan, under the China-Pakistan Economic Corridor…

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