Month: May 2020

Hanzelle Kleeman was all set to head home to Houston until the oil crash upended her plans for the summer — and potentially, for her entire career. Kleeman, a 20-year-old mechanical-engineering major, had an internship lined up in the drilling group of a publicly traded crude producer. She was hoping it would translate into a full-time job once she graduates from the Colorado School of Mines next year. But in March, with oil prices plunging, she was told the offer had been rescinded due to “market conditions.” As the pandemic…

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The cabinet’s decision for the state to take over circular debt is both unsurprising and necessary. With international lending agencies making this a condition for Pakistan in its bid to restructure the economy, we all knew this was coming; it was only a matter of when. Rs800 billion is now owed and a state bailout is urgently needed, but what comes next is still shrouded in mystery. All along the supply chain, payments stand unpaid, from the government to the distribution and power production companies, all the way to the…

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ISLAMABAD, (APP – UrduPoint / Pakistan Point News – 7th May, 2020 ) :Saudi Arabia power producing company ‘ACWA Power’ will invest around $ four billion in country’s renewable energy (RE) sector. The investment would be made mainly in Balochistan by set up solar power plants, sources told APP here. They said generation of cheap electricity utilizing indigenous renewable energy resources including wind, solar, waste to energy biomass was amongst the top priorities of the government. Alternative Energy Development board (AEDB) had also been pursuing the development of alternative and…

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AE-linked Norwegian oil and gas operator DNO ASA, has announced completion of testing and appraisal of the Baeshiqa-2 exploration well in the Kurdistan Region of Iraq. The testing has proven oil and gas in three separate Triassic aged reservoirs, Kurra China A, B and C, with testing also carried out on shallower Jurassic-aged reservoirs. Evaluation of the test results will determine next steps towards further appraisal and assessment of commerciality. Spudding of the new Zartik-1 well, 15 km. from Baeshiqa, targeting Jurassic reservoirs, is scheduled for 15th May. DNO acquired…

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ISLAMABAD: The National Accountability Bureau (NAB) has decided to file a supplementary reference against former prime minister Shahid Khaqan Abbasi in the liquefied natural gas (LNG) scam. Accountability Court-II judge Azam Khan conducted the hearing in which Abbasi, Oil and Gas Regulatory Authority (OGRA) officials Saeed Ahmed Khan, Uzma Adil Khan and other suspects were present. Upon asking, the NAB prosecutor said that record pertaining to the reference could not be shifted from Karachi to Islamabad as a result of inter-provincial traffic suspension amid the Covid-19 outbreak. He added that they will…

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