Iran Boots Out India From Huge Gas Field Development

Iran has decided to use local firms to develop a large offshore natural gas field, which was discovered by an Indian company and set to be developed by a group of Indian firms, Press Trust of India reported on Monday, citing sources with direct knowledge of the plans. An Indian consortium led by ONGC Videsh discovered the huge Farzad-B gas field back in 2008. Iran and India have since negotiated the terms of the field’s development for years, in fits and starts. Three years ago, the Indian consortium led by…

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ConocoPhillips Becomes First Major U.S. Oil Firm To Pledge Emission Cuts

U.S. oil and gas producer ConocoPhillips unveiled on Monday a target to reduce emissions from its operations to net zero by 2045-2055 in a first announcement from a major American oil firm setting specific targets to cut its carbon footprint. Unlike European oil majors – who have rushed to pledge various commitments to become net-zero energy companies – U.S. companies, including Exxon and Chevron, hadn’t set any such goals. For this, U.S. supermajors have received backlash from investors in recent months, including from the world’s largest asset manager, BlackRock. ConocoPhillips’…

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U.S. Renewable Energy Consumption Hits Record

Renewable energy consumption in the United States continued to rise for the fourth year in a row in 2019, with wind energy and wood and waste energy each accounting for 24 percent of all renewable energy used in America, the Energy Information Administration (EIA) said on Monday. Last year, U.S. consumption of renewable energy reached a record 11.5 quadrillion British thermal units (Btu), or 11 percent of total U.S. energy consumption, the EIA has estimated. Of the renewable energy used, wind energy—almost exclusively used to produce electricity—accounted for 24 percent…

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Abu Dhabi To Host Oil And Gas Industry’s Largest Online Exhibition In November

ABU DHABI, (UrduPoint / Pakistan Point News / WAM – 18th Oct, 2020) Abu Dhabi will host the oil and gas industry’s largest online exhibition and conference, as the ADIPEC Virtual Conference brings together over 5,000 government ministers, global energy leaders and professionals to assess the collective measures the sector is putting in place to fast-track recovery, post COVID-19. Held under the patronage of President His Highness Sheikh Khalifa bin Zayed Al Nahyan, and hosted by the Abu Dhabi National Oil Company, ADNOC, the ADIPEC Virtual Conference will run from…

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Coronavirus fallout spurs M&A across US oil and gas sector

Soft oil prices, strained balance sheets and a lack of support from outside funding sources have left many US independent oil and gas companies close to bankruptcy. For some, joining forces may be a way to stay solvent. Most independent producers entered 2020 on unstable footing. The oil price crash and collapse in demand as a result of the COVID-19 pandemic drastically worsened their predicament, and a slow economic recovery has left many facing massive financial and operational cuts well into 2021. Consolidation makes sense — economies of scale will…

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SNGPL to get additional quota of 300,000 connections for current FY

The Sui Northern Gas Pipelines Limited (SNGPL) has requested OGRA for the grant of an additional quota of 300,000 new connections to move towards clearing its backlog which touched the figure of 2.7 million applications due to ever-increasing demand of the commodity and certain capacity issues. “For the current fiscal year, the Oil and Gas Regulatory Authority (OGRA) had granted the permission for around 400,000 connections, which was extremely insufficient against 2.7 million pending applications on the SNGPL s network,” a senior official privy to petroleum sector developments told APP. He…

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New CEO to take charge of PTCL Group in December

ISLAMABAD: The PTCL Board of Directors has appointed Matthew Willsher, currently CEO of Etisalat Afghanistan, as Chief Executive Officer (CEO) PTCL Group (PTCL & Ufone), effective from December 2020. According to a press release issued on Sunday, Mr Willsher succeeds Rashid Khan, who was president and CEO of PTCL Group since March 2019 and decided to leave the group due to his personal reasons. “Matthew has been working in the telecom industry for over 25 years. Previously he has been CEO of Etisalat in Afghanistan and in Nigeria, and held…

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Renewable power to spur energy transition

Strong growth of the renewable power sector will be a key driver of energy transition in China, according to BP Energy Outlook 2020, which was released recently. The country is also expected to remain the world’s largest primary energy consumer despite slowing demand growth. BP forecast that energy demand growth in China will slow dramatically compared to past trends, and the growth of industrial energy demand will be concentrated in the emerging world outside of China as energy-and labor-intensive industrial activities are being increasingly relocated from the developed world and…

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Philippines to restart oil and gas exploration in South China Sea

Former president Benigno Aquino halted activities six years ago amid territorial disputes with China, which has claimed sovereignty over much of the South China Sea. A 2016 ruling by the Permanent Court of Arbitration has since dismissed these claims under UN conventions. Under Duterte’s leadership, the Philippines has aligned itself more closely with China since that ruling – despite support offered by the US to back its territorial claims – and discussions over a joint venture between Chinese and Philippine companies to develop offshore hydrocarbon resources are ongoing. Philippines energy…

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Country’s foreign direct investment falls by 24%

The country’s trade deficit soared to $5.8 billion in the first quarter of the current fiscal year, according to data shared by the State Bank of Pakistan (SBP). The central bank said foreign direct investment (FDI) declined by 24 per cent to $415.7 million from July to September as compared to last year’s corresponding period. The foreign investment was recorded at $189 million in September 2020. The power sector received foreign direct investment (FDI) worth $113.3 million in the first quarter of the fiscal year 2020-21 while financial business $102.5…

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