Month: March 2020

More than a million jobs in the oilfield service industry (OFS) are expected to be cut in 2020 due to low project volumes brought upon by the Covid-19 epidemic and the ongoing oil price war, Norway’s energy intelligence firm Rystad Energy said. Most cuts will come from shale services According to Rystad, more than 5 million people are employed in the OFS sector globally at present and Rystad Energy’s estimates show that this year alone, contractors will scale down their workforce by at least 21%.  Some 13 percentage points are…

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KARACHI: After suffering a massive loss in early trade on Friday morning, the Pakistani Rupee made a sharp recovery against the US dollar in the interbank market, to close at Rs166.5, following the State Bank of Pakistan (SBP) alleged intervention. The analysts believe that the SBP intervened and injected dollars in the market to stabilise the PKR that was being traded at Rs170 against the US dollar: its lowest since June 2019 in early trade. However, a source working in the money markets denied that there was an intervention by the…

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SINGAPORE, March 26 (Reuters) – Qatar Petroleum has approached several buyers in Asia and in Europe offering liquefied natural gas (LNG) cargoes in the spot market, three sources familiar with the matter told Reuters. The exact total volumes could not be confirmed, but the company has offered the cargoes for either loading or delivery in April, depending on the location, the sources added. The company is typically a long-term seller of LNG cargoes and could be offering the spot cargoes after importers in India invoked force majeure on imports following…

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ISLAMABAD: The government has reportedly decided to approach Chinese top leadership, seeking review of Power Purchase Agreements (PPAs) of power projects established under China-Pakistan Economic Corridor (CPEC), well-informed sources told Business Recorder. A couple of days ago, a high-level meeting presided over by Prime Minister Imran Khan, discussed pros and cons of the proposal, which will be discussed in the Joint Energy Working Group on Energy constituted under CPEC and will be sent to the Chinese President. “Pakistan enjoys extreme goodwill with China that has been proven time and again…

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ISLAMABAD: Minister for Planning and Development Asad Umar has been appointed as the new chairman of the Cabinet Committee on Energy, replacing the PM’s finance adviser Abdul Hafeez Shaikh, ARY News reported on Thursday. The federal government has reconstituted the Cabinet Committee on Energy over the directives of Prime Minister Imran Khan. Adviser to Prime Minister on Finance Abdul Hafeez Shaikh was removed from the top spot of the cabinet’s energy committee which is succeeded by the federal minister Asad Umar. The finance adviser Abdul Hafeez Shaikh will become a…

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