Month: May 2020

ISLAMABAD: The federal government has decided to pursue a plan of hedging 15 million barrels of oil to benefit from the low prices in the global market in the wake of coronavirus lockdowns after finding offshore oil storages as unfeasible because of the higher costs. Oil had witnessed a drastic decline in the last few months, starting from a price war led by Saudi Arabia and Russia, who perhaps had a common goal of forcing out the American shale oil producers to the collapse, and because of plummeting demand due to…

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The Trump administration claims that the U.S. is “transitioning to greatness,” and that energy companies are going to see “massive gains.” U.S. Secretary of Energy Dan Brouillette says there is “stability” in the oil mar Meanwhile, back in reality, U.S. oil production continues to decline as drillers shut in wells and cut back spending. Output has already declined by 1.1 million barrels per day (mb/d), and more losses are likely. New data from Rystad Energy predicts U.S. oil production declines of roughly 2 mb/d by the end of June. “Actual…

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The spot price of liquefied natural gas (LNG) in Asia has surged by more than 20 percent in one week after demand in key importers China and South Korea picked up, while buyers have also canceled U.S. LNG cargoes, traders told Reuters on Wednesday. The spot price at which several LNG cargoes have been traded have ranged between $2.40 per million British thermal units (MMBtu) and $2.65/MMBtu this week, up from just $2/MMBtu last week, according to several traders who spoke to Reuters. Demand started to snap back in Asia…

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May 13, 2020: In the wake of a meeting presided over by Prime Minister Mr. Imran Khan couple of days ago about water security and construction of mega dams including Diamer Basha Dam Project, all efforts are underway by the Pakistan Water and Power Development Authority (WAPDA) to ensure timely mobilization of the contractor and effective follow up on Diamer Basha Dam Project. For the purpose, an agreement worth Rs. 442 Billion with a Joint Venture namely Power China-FWO was signed today for construction of diversion system, main dam, access bridge…

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Vestas, Siemens Gamesa and General Electric were the largest suppliers last year in the consolidating global market for wind turbines, according to new figures from Wood Mackenzie. All three companies put up record installations in a global market expected to be worth $600 billion over the course of the 2019-2028 period. Denmark’s Vestas held onto its position as the world’s leading wind turbine supplier thanks to its enduring strength in the onshore arena, with an especially strong performance in the booming U.S. market. While its lead over No. 2 supplier…

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