Day: July 8, 2020

Indebted Mexican State Oil Firm Plans $22-Billion Debt Swap

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Mexico’s state-owned oil firm Pemex, which has US$105 billion in debt, is planning a debt swap for a total of US$22.4 billion long-term bonds, according to a filing to the SEC reported by Reuters. The Mexican oil firm has been amassing enormous debt for years, and in October last year, it carried out a massive operation to refinance around US$20 billion of its debt via new bond offerings and debt swaps. Mexico’s leftist populist President Andrés Manuel López Obrador planned to make Pemex the pillar of a turnaround for the…

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Researchers Look For Ways To Cut Norway’s Gargantuan $100 Billion Decommissionin

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A new innovation center in Norway aims to find alternative and cost-efficient solutions aimed at reducing the huge US$100 billion decommissioning cost that the North Sea operators and countries face, researchers and officials told Bloomberg. The SFI Swipa (Subsurface Well Integrity, Plugging and Abandonment) center was granted the status of Center for Research-Driven Innovation for the next eight years by government-run Board of the Research Council of Norway. The SFI Swipa center and its researchers will look into innovative ways for well plugging and abandoning (P&A), which makes up much…

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Russia-led Nord Stream 2 Gas Pipeline Could Be Completed Soon

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A Russian vessel capable of completing the pipelaying for the Gazprom-led Nord Stream 2 natural gas pipeline project left a German port on Wednesday and entered Danish waters where the last section of the controversial pipeline has yet to be completed. According to vessel-tracking data from Refinitiv Eikon cited by Reuters, Russian ship Fortuna, sailing under a Russian flag, departed from the Mukran port in Germany on the Baltic Sea and moved into Danish territorial waters. The move comes several days after the Danish Energy Agency allowed Nord Stream 2…

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Gulf Gas: Clouds of Confusion

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Individual GCC states have settled on convoluted ways of distributing natural gas due to a lack of cooperationThe states bordering the Gulf are caught in a cat’s cradle of geopolitical complexity. This is as much the case within the Gulf Cooperation Council (GCC) as it is between certain GCC states and Iran. The muddle is clearly illustrated by the minimal progress among the region’s governments towards coordinating the development of natural gas resources and gas distribution. At the launch of The Future of Gas in the Gulf in London at…

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CPEC will be a game-changer: Imran Khan after Pak approves USD 1.5 billion deal with China

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Pakistan Prime Minister Imran Khan has said that China-Pakistan Economic Corridor (CPEC) will be a ‘game changer’ for the motherland, bringing unprecedented prosperity and progress to the country. “It (CPEC) is a project that will take Pakistan to new heights [of prosperity],” Mr. Khan said after witnessing the signing of agreement with China Gezhouba for Azad Pattan hydropower project at a ceremony held at PM Office on Monday. “Pakistan can learn with the progress made by emerging economic power, China, during the last 30 years,” Mr Khan said. He said…

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