UK To Review North Sea Oil Licensing Policy

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 climate change,” the UK Department for Business, Energy & Industrial Strategy said in a statement. The UK became last year the first industrialized nation to enshrine the net-zero ambition in a law. The…

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Mexico Shuts The Door To Foreign Oil Companies

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 is the Mexican government’s attempt to stimulate economic growth, but according to AMEXHI’s head, Merlin Cochran, it will not involve a focus on the energy industry in the form of…

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Russia Expects Oil Demand To Drop By 10 Million Bpd In 2020

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 revised down its demand outlook compared to the July forecast because of sluggish demand recovery and continued weakness in jet fuel demand. Speaking at the virtual Global Manufacturing & Industrialisation…

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String Of Bearish News Shifts Sentiment In Oil Markets

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 reports and many more. Friday, September 4th, 2020 Oil prices hit a rough patch this week, falling back in concert with broader financial markets. The dollar gained strength, which also…

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Hasty shift to Euro-V petrol, diesel will burden consumers’

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 (IPI) — a think tank — which also released its report “Rushed Transition to Euro-V Standard Fuels: Need for A Public Debate”. Speakers asked government to put on hold its…

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ADB-funded energy projects facing delays

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 of relevant ministries. During the portfolio review meetings, participants expressed satisfaction over the progress on almost all of the non-energy ADB-funded projects worth $1.35bn particularly those in the highways and…

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ECC approves power tariff increase for Karachi

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 on Finance and Revenue Dr Abdul Hafeez Shaikh, also ordered immediate disbursement of Rs4.7 billion tariff differential subsidy to K-Electric and approved an amount of up to $142 million to…

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Entry of Euro-V fuels will be smooth, insists Petroleum Division

ISLAMABAD: The Petroleum Division of Ministry of Energy (MEPD) and Islamabad Policy Institute (IPI) on Thursday challenged each other over the rationale to upgrading petrol and diesel to Euro-V standards in the country and over the relevant specifications and processes for such improvements. The debate started after the Islamabad Policy Institute (IPI) highlighted faults with the government decision to upgrade fuel to Euro-V standards and calling for a public debate before its formal implementation. This was followed by a statement issued by the MEPD contesting the IPI’s findings as wrong presumptions. In…

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IEEFA: Pakistan’s new 27-year power plan risks locking in long-term overcapacity, leaving imported coal and LNG plants stranded

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 Expansion Plan (IGCEP) 2047 – in April 2020. Report author Simon Nicholas, energy finance analyst at the Institute for Energy Economics and Financial Analysis (IEEFA), says the policy document fails…

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Punjab Announces Cheapest Solar Project, Costs 4 Times Less Than PMLN’s Solar Park

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 Energy, Omar Ayub Khan, were the chief guests at the signing ceremony of the agreement between the Punjab Power Development Board, Alternative Energy Development Board, and Zhenfa Pakistan New Energy…

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