Day: October 12, 2020

U.S. energy companies begin restoring oil and gas output after hurricane

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Chevron Corp, Royal Dutch Shell Plc and BHP Group all said workers were headed back to production platforms in the U.S.-regulated northern Gulf of Mexico. BHP expects to complete the return of workers to its Shenzi and Neptune production platforms on Sunday, spokeswoman Judy Dane said, adding that resuming flows will depend on how quickly pipelines return to service. It can take several days after a storm passes for energy producers to evaluate facilities for damage, return workers and restore offshore production. The companies that operate oil and gas pipelines…

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IMF programme revival

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Reports indicate that Pakistani authorities held a video conference with the International Monetary Fund (IMF) mission led by Ernesto Rigo for the stalled 6 billion dollars Extended Fund Facility programme recently in which the Fund team reportedly insisted on raising power tariffs as well as achieving the budgeted tax revenue target of 4.9 trillion rupees for the current year. This comes as no surprise as the second quarterly staff review was stalled in December 2019/January 2020, because the government was unable to do the agreed time bound power sector reforms,…

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Pakistan’s peaceful nuclear programme

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Spanning over decades, Pakistan’s peaceful nuclear programme became a great success story though it has been subjected to a politically motivated narrative all along. The peaceful application of nuclear energy relates to power generation, agriculture, health, mineral exploration, industry and of course is vital for socio-economic uplift of any country. In addition, the nuclear power projects provide employment opportunities to thousands of individuals and contributing towards socio-economic development of adjoining communities with provision of healthcare and education facilities. Pakistan started its civilian nuclear power programme in the early 70s with…

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Centre, Balochistan yet to decide development, production of Sui Lease

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Islamabad- The Federal government and government of Balochistan have yet to resolve the issue pertaining to the signing of Development and Production of the Sui Lease even after the passage of more than five years of the expiry of the lease in July 2015.  A committee comprising of the Federal and Balochistan government representatives will meet tomorrow (Tuesday) to attempt the resolution of the Sui mining lease issue which is on temporary extensions since 2015, official source told The Nation here. The matter regarding 69 per cent of the Sui…

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OPEC’s No.2 Expects Another Weak Quarter Of Oil Prices

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Iraq expects the pressure on oil prices to continue through at least the first quarter of 2021, with oil minister Ihsan Abdul Jabbar expecting the average for Brent during January-March 2021 at $45 a barrel, Bloomberg reports, citing an interview of Jabbar for Iraqi daily Al Sabah. As a result of this expectation, Baghdad will be basing its 2021 budget on an oil price level of $42 a barrel, following the fallout from the coronavirus, the report also noted. Brent is currently trading at $42 a barrel, with West Texas…

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