The UK will review its current licensing policy for oil and gas exploration in the North Sea to have it aligned to the country’s ambition to achieve net-zero emissions by 2050. “The review will ensure the Government has the information needed to plan for future oil and gas production in the UK, in a way that is aligned with tackling…
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There will be no new exploration and production contracts on the table for private or foreign companies in Mexico under a government plan set to be made public soon. “We don’t expect that there will be anything new in exploration and extraction in this infrastructure plan,” the head of Mexico’s oil industry association AMEXHI told Reuters in an interview. The infrastructure plan…
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Global oil demand is expected to decline by 9 million bpd-10 million bpd this year, Russia’s Energy Minister Alexander Novak said on Friday. The estimate is more pessimistic than that of the International Energy Agency (IEA), which said in its latest report in mid-August that crude oil demand this year would be 8.1 million bpd lower than it was in 2019. The IEA…
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Oil prices fell below $40 for the first time since June as demand concerns grow and stock markets crash. For Global Energy Alert members there are now two new free reports available in your dashboard. The first of these reports is on how to interpret stock charts and the second outlines the three biggest mistakes made by traders today. Make sure you become a member to read these…
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ISLAMABAD: The recent government decision for introduction of Euro-V petrol and High Speed Diesel (HSD) in the country is pre-mature owing to old vehicular fleet, non-compliant refineries, unprepared government machinery and will waste public money and burden majority of lower middle income consumers. This was the crux of opinions expressed by petroleum experts at a virtual moot organised by Islamabad Policy Institute…
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ISLAMABAD: Almost all of the Asian Development Bank (ADB)-funded energy projects worth $1.7 billion for improvement in the transmission and distribution sector are facing serious implementation problems. This was reported at a tri-partite meeting presided over by Federal Minister for Economic Affairs Makhdum Khusro Bukhtiar and attended by ADB’s Country Director Ms. Xiaohong Yang, deputy chairman Planning Commission and officials…
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ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Wednesday once again approved an increase in electricity rates by Rs1.09 to Rs2.89 per unit for various consumers of Karachi to bring it on a par with the rest of the country, with effect from September 1. A meeting of the ECC presided over by Adviser to the Prime Minister…
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3 September 2020 (IEEFA Pakistan): Pakistan risks locking itself into building more power capacity than it needs as a result of over-optimistic energy demand growth forecasts that do not take into account the impact of COVID-19, according to a new IEEFA report. Pakistan’s state-owned National Transmission and Despatch Company (NTDC) published its latest long-term power plan – the Indicative Generation Capacity…
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The government of Punjab has signed an agreement for the generation of the cheapest solar power in the history of Pakistan. The deal was inked on Thursday, under which private investors will set up a 100 MW solar power plant in Layyah district with a tariff of only 3.7 cents. Punjab Chief Minister, Sardar Usman Bazdar, and Federal Minister for…
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WASHINGTON: Under its One Belt, One Road (OBOR) policy, China is pursuing projects in Pakistan that would decrease Beijing’s reliance on strategic choke points, says a Pentagon report released on Wednesday. The 2020 Pentagon report on China’s military power also shows that the People’s Liberation Army (PLA) has surpassed the US military in terms of navy size, land-based missiles and advanced air…
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