Day: November 25, 2020

Oil Tanker Hit By Mine Explosion Near Saudi Arabia

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An oil tanker was damaged in the Red Sea near Saudi Arabia after a mine exploded on Wednesday, the Associated Press reported, citing the tanker’s operator and a maritime security company. The MT Agrari oil tanker, managed by a Greek company and flying a Maltese flag, was damaged by a mine off the Saudi city of Shuqaiq near Yemen. “Their vessel was attacked by an unknown source,” the firm operating the MT Agrari said in a statement carried by AP. “The Agrari was struck about 1 meter above the waterline…

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Rig Count Rise Fails To Slow The Oil Price Rally

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Baker Hughes reported on Wednesday that the number of oil rigs in the United States rose by 10 to 241, resuming its climb after a one-week decline last week. The total number of active oil and gas rigs increased for the week by 10, with oil rigs increasing by 10 and gas rigs rising by 1. Miscellaneous rigs fell by 1 rig. Total oil and gas rigs in the United States are now down by 482 compared to this time last year. The EIA’s estimate for oil production in the…

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IPPs refuse to accept Rs400bn proposed payment

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ISLAMABAD: Independent Power Producers (IPPs) Tuesday reportedly refused to accept federal government’s proposed payment of Rs400 billion in three years, terming it as violation of already signed Memorandum of Understandings (MoUs), well-informed sources told Business Recorder. The government’s team comprising Special Assistant to the Prime Minister on Power, Tabish Gohar, Federal Land Commission Chairman Babar Yaqoob Fateh Muhammad Secretary Power, Ali Raza Bhutta, officials of ISI, Acting CEO CPPA-G, CFO and other legal experts of the CPPA-G, held discussions with IPPs established under Power Policies 1994 and 2002. The government’s…

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MPCL enters into JV Agreement for Potential Mining Projects in Balochistan

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The Mari Petroleum Company Limited (MPCL) has entered into a joint venture arrangement with a number of companies to undertake potential mining projects in the Province of Balochistan. As per the company, MPCL has entered into an agreement with Y.B. Pakistan Limited, Arif Habib Equity (Private) Limited, Liberty Mills Limited, and Reliance Commodities (Private) Limited pertaining to a joint venture arrangement through a company (National Resources (Private) Limited (NRL)) to potentially undertake mineral mining projects in the Province of Balochistan. “These projects will involve, inter alia, exploration, survey, extraction, excavation,…

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Canada’s Oil And Gas Sector Sees Record Job Losses

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A total of 37 percent of oil and gas companies in Canada resorted to permanent layoffs due to the pandemic-driven oil price and oil demand slump, a recent survey of energy labor market organization PetroLMI showed. The energy firms in Canada launched measures to reduce labor costs across their organizations, according to the survey of energy workers and executives carried out by PetroLMI, a division of Energy Safety Canada. At the time of the survey in August and September, 68 percent of energy workers said their company had implemented at…

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