Day: September 17, 2020

Pakistan wins stay over $6 billion penalty in Reko Diq case

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ISLAMABAD: The World Bank’s International Centre for Settlement of Investment Disputes (ICSID) has granted a stay on the enforcement of the massive penalty of $6 billion imposed on Pakistan for its decision to deny a mining lease for the Reko Diq project to Australia’s Tethyan Copper Company (TCC). The office of the attorney general for Pakistan in a statement described the development as a success for the country and its legal team. In July last year, an international arbitration tribunal of the ICSID had slapped a penalty of $6 billion…

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A Wave Of Consolidations Hit Canada’s Oil Patch

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A vicious one-two-three punch that started with a gloomy long-term future outlook due to rampant fossil fuel divestments, climate change policies, and decarbonization as well as shorter-term—but severe—shocks from the COVID-19 crisis, has thrown Canada’s most important export industry into an existential crisis.  Meanwhile, the drumbeat of exits by foreign oil firms bailing on the unprofitable tar sands has added an extra layer of gloom for an industry responsible for a fifth of Canada’s exports. It, therefore, comes as little surprise that Canada’s oil and gas producers are scrambling to…

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UK projects up to 20 billion barrels of oil remain to be found offshore

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The Oil and Gas Authority (OGA) has published the UK Oil and Gas Reserves and Resources as at end 2019. It provides an estimate of the UK Continental Shelf’s remaining recoverable petroleum resources. The report estimates that there remains in the range 10 to 20 billion barrels or more of oil equivalent, including discovered and undiscovered petroleum resources. Official government forecasts suggest that oil and gas will remain an important and critical part of our energy mix for the foreseeable future, as we transition to net zero. Managing the basin’s…

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Iran ranks 1st in world oil, gas discovery in 2019

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TEHRAN- The National Iranian Oil Company (NIOC) ranked first among the world’s largest oil companies in terms of total oil and gas discovery in 2019, with the discovery of 4.973 billion barrels of equivalent hydrocarbon reserves, Shana reported on Monday. Seyed Saleh Hindi, the NIOC’s director of exploration, stated in a letter to NIOC Managing Director Masoud Karbasian: “The National Iranian Oil Company is the number one in oil and gas discovery in the world.” According to a report by the prestigious Wood Mackenzie International Institute, published under the title…

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ADNOC Successfully Completes US$1 Billion Institutional Placement Of ADNOC Distribution Shares

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ABU DHABI, (UrduPoint / Pakistan Point News / WAM – 14th Sep, 2020) Abu Dhabi National Oil Company, ADNOC, announced on Monday that it has successfully completed a placement to institutional investors of 1.25 billion shares in Abu Dhabi National Oil Company for Distribution PJSC, ADNOC Distribution, which are listed and traded on the Abu Dhabi Securities Exchange, ADX. This represents 10 percent of ADNOC Distribution’s total share capital. With this additional 10 percent placement, valued at US$1 billion, the company’s free float will increase to 20 percent, contributing to…

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