Total Bets Big On Libya’s Oil Industry

French Total plans to increase its investments in Libya’s oil industry, the National Oil Corporation said, adding it had discussed with the company raising Libya’s production to “the highest levels.” Total has stakes in several Libyan oil fields, including the nation’s biggest, Sharara. The field, along with many others, was shut down for more than eight months this year after groups affiliated with the eastern government blockade oil export terminals, which pushed Libya’s oil output from above 1 million bpd to less than 100,000 bpd. In late September, when the…

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Oil Search Ready To Restart Alaskan Crude Production

Australian Oil Search plans to make the final investment decision on the Pikka project in Alaska next year and launch production in 2025, chief executive Keiran Wulff told investors in a company announcement this week. The breakeven cost of Pikka has come down to $40 a barrel, but the company and its partner in the development, Spain’s Repsol, plan a further reduction to $35 a barrel by 2025. The cost of the development of Pikka is seen at about $3 billion. “While further appraisal will be required, the 2020 Mitquq…

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A Big Week For Venezuela’s Oil Industry

Venezuela’s vice president and the head of state oil company PDVSA arrived in Russia last week on a trip aimed at deepening “strategic alliances,” Venezuela’s information ministry said, Reuters reported. Vice President Delcy Rodríguez and PDVSA chief executive Asdrúbal Chávez, as well as Science Minister Gabriela Jiménez, flew to Moscow to discuss possible new oil joint ventures with Russian energy officials and investors, Argus Media reported. Among the potential partnerships are the transfer of existing upstream and downstream assets to Russian firms as well as new projects, according to Venezuela’s…

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China Buys Into Mexico’s Emerging Renewable Energy Sector

A Chinese energy giant has bought the biggest independent producer of renewable energy in Mexico, giving the industry a vote of confidence even as Mexico’s authorities have moved to slow down private investment in renewable energy in the country. State Power Investment Corp (SPIC) of China, which has more than US$170 billion in energy assets globally, including in solar, wind, and hydrogen power in South America, has acquired Mexico’s leading independent renewables firm Zuma Energia, a spokesman for the Mexican company told Bloomberg in a press release, without disclosing the…

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The Oil Price Crash Has Made Diversification Vital For Gulf Nations

While many Gulf nations were already working to diversify their economies prior to the coronavirus pandemic, the subsequent economic downturn and collapse in oil prices has meant that governments in the region have had to reassess and – in some cases – accelerate their strategic plans. The implementation of social distancing measures and travel restrictions has impacted activity across all sectors in the region. With economies operating under capacity and global travel severely curtailed for much of the year, there has been a significant drop in demand for – and…

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Power sector gets relief amid protest by petroleum stakeholders

ISLAMABAD: Amid strong protest by the petroleum division and its corporate entities, the Cabinet Committee on Energy (CCoE) on Friday decided to exempt three Punjab-based power plants of 3,900mw from compulsory purchases of liquefied natural gas (LNG) quantities from January 2022. The move to change gas supply agreements (GSAs) of these government-owned power plants (GPPs) reportedly originated at the request of the Privatisation Commission to attract better proceeds from sale of these LNG-based power plants and also forms part of overall efforts to reduce power costs. Two of these GPPs…

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Pfizer ends vaccine trial with 95pc success rate, paving way for a shot this year

Final results from Pfizer Inc’s Covid-19 vaccine trial showed its shot had a 95 per cent success rate and two months of safety data, paving the way for the drugmaker to apply for an emergency US authorisation within days, it said on Wednesday. The vaccine’s efficacy rate, the highest of any candidate in late-stage clinical trials so far, was welcomed by experts who had already said that interim results showing Pfizer’s shot was over 90pc effective were very encouraging. Pfizer said there were 170 cases of Covid-19 in its trial…

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Karachi-Kasur gas pipeline project: Pakistan, Russia sign amended gas pipeline accord

ISLAMABAD: In a major development, the three-day Pakistan and Russia talks on 1,122-km high pressure RLNG pipeline from Karachi (Port Qasim) to Kasur (Punjab) ended with amendment in the Inter-Governmental Agreement (IGA) heralding the pavement for new era of strategic relationship between the two countries. Both the sides had earlier signed an Inter-Governmental Agreement (IGA) in 2015 when Russia was to erect the project with 100 percent financing, but after the GIDC verdict by the Supreme Court, and availability of liquidity with Petroleum Division, the Inter-Governmental Agreement has been amended…

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KE Launches Rs10bln Sarbulandi initiative

KARACHI: K-Electric (KE) has launched a Rs10 billion investment initiative in power distribution infrastructure titled ‘Project Sarbulandi’ for those parts of the metropolis that suffer from the menace of power theft, the utility said in a statement. “With the vision of eradicating power-theft and the resultant segmented load-shed in Karachi, the Sarbulandi initiative aims to strengthen network health and theft resistance by installation of insulated Aerial Bundled Cables (ABC),” it said in its handout. “This will result in the provision of safe and reliable electricity for the most economically vulnerable…

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PSM, LNG Plants’ Privatization in Limbo

ISLAMABAD: The federal government on Monday could not make definite decisions on taking privatisation plan for Pakistan Steel Mills (PSM) and two LNG-fired power plants to the next stage and set up two separate committees to sort out issues hindering their sale for the past two years. The Cabinet Committee on Privatisation (CCoP) met to consider approval of the transaction structure for privatisation of PSM and remove hurdles to the sale of two multibillion-dollar power plants along with other privatisation transactions. Adviser to Prime Minister on Finance and Revenue Dr…

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