ExxonMobil is set to post its third straight loss in its upstream business this year, as lower oil demand continues to hurt oil companies’ profitability. In an SEC filing on Thursday, Exxon provided a Q3 earnings considerations update of its expectations for the third-quarter results relative to the second quarter. The U.S. supermajor is reporting Q3 financials on October 30.…
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Researchers at the University of Queensland in Australia mapped the countries and regions within them that will likely become mining hotspots as the world moves towards a low carbon future. In a paper published in the journal Nature Communications, the researchers explain that this exercise led them to conclude that such a transition is expected to lead to more mining…
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The state of Texas and its taxpayers could be on the hook for paying up to US$117 billion for the cleaning-up of abandoned wells as a growing number of U.S. oil companies go bust, and the guarantees for paying for the cleanup cover only 1 percent of estimated costs, a report by climate finance think-tank Carbon Tracker showed on Thursday.…
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Denmark cleared on Thursday the final hurdle to Nord Stream 2 potentially starting operations in Danish waters, while the U.S. continues its attempt to stop the Russia-led natural gas pipeline project. On Thursday, the Danish Energy Agency said it had granted Nord Stream 2 AG, the company behind the project, an operations permit for the Nord Stream 2 pipelines on…
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Net-zero goals cannot be met by rising renewable energy usage and wider adoption of electrification in transport alone. The world will need to reduce the emissions from existing energy systems and from heavy industries such as cement, steel, or chemicals production if it hopes to meet the ambitious climate goals and stick to the target in the Paris Agreement to…
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ISLAMABAD: The federal government is likely to take a decision on the sale price of natural gas in a meeting of the Economic Coordination Committee (ECC), which is scheduled to meet (today) Wednesday. While talking to Business Recorder, Special Assistant to the Prime Minister (SAPM) on Petroleum Nadeem Babar said the ECC would examine the recommendations of the Oil and…
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n the aftermath of New York Climate Week and the many new commitments announced to address both climate mitigation and adaptation, it is important to focus on the challenge of accelerating the clean energy transition in the Asia-Pacific region. Although global energy-related emissions flattened in 2019 to an estimated 34.2 gigatons (GT), and the COVID-19 pandemic has led to an…
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ISLAMABAD, (APP – UrduPoint / Pakistan Point News – 29th Sep, 2020 ) :The Oil and Gas Development Company Limited (OGDCL) has injected 14 new wells, producing 251,642 Barrels crude oil and 6,709 Million Cubic Feet (MMCF) gas, in its production gathering system during the last fiscal year, ending on June 30, 2020. “The coronavirus pandemic and natural decline in…
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ISLAMABAD: Special Assistant to the Prime Minister (SAPM) on Petroleum Nadeem Babar on Tuesday said the petroleum sector had the potential to increase the country’s gross domestic product (GDP) growth rate by 2-3 per cent. During the last year, the country’s total tax collection stood at around Rs4,000 billion, out of which Rs1,000bn was contributed by the petroleum sector in…
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Karachi, September 17, 2020: Pakistan Petroleum Limited (PPL), a frontline Exploration and Production (E&P) company for seven decades, has played a key role in providing energy for the country with a current contribution of more than 20 percent to national gas supplies. “The company’s over a 100-year rich history is linked with its predecessor and major stakeholder, Burmah Oil Company,…
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