Total And Exxon Renegotiate A Major Gas Sharing Deal

Supermajors ExxonMobil and Total are renegotiating a natural gas resource sharing deal for their respective liquefied natural gas (LNG) projects offshore Mozambique, Reuters reports, citing sources with knowledge of the talks. Exxon and Total are leading the Rovuma LNG and the Mozambique LNG projects, respectively, and are looking to renegotiate a 2015 deal on using resources from the basins that would supply gas to their respective projects. Both oil majors, who are looking to cut project costs, want to use the resources from a shared field first because they are…

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Peru’s Oil Industry Is Engulfed In Crisis

A combination of sharply weaker oil prices, inconsistent regulation, the COVID-19 pandemic, and constant conflict in the Amazon where most of Peru’s onshore oil industry is located has triggered a crisis that has brought the industry to the brink of collapse. This was recently recognized by Peru’s National Society of Mining, Oil, and Energy (SNMPE – Spanish initials) which released a media statement (Spanish) asking the central government to implement measures to reverse the crisis. Lima has long downplayed Peru’s considerable oil potential in preference to advancing the Andean country’s…

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RLNG-fired power plants: Sell-off plan faces difficult situation

ISLAMABAD: The privatisation of Re-gasified Liquefied Natural Gas (RLNG)-fired power plants is reportedly in hot water due to IPPs current issues and inordinate delay in other prerequisites, sources close to Minister for Privatisation told Business Recorder. Sharing details, sources said transaction structure for the privatisation of two RLNG power plants established by National Power Parks Management Company Limited (NPPMCL) was approved by the Cabinet Committee on Privatisation (CCoP) in its meeting held on September 18, 2019. However, Expressions of Interest (EoIs) for the bidders were published after a decision of…

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Russian Oil Giant Announces Start Of Vast Arctic Project

Moscow, (APP – UrduPoint / Pakistan Point News – 26th Nov, 2020 ) :Russian oil giant Rosneft on Wednesday announced the start of operations for its giant Vostok oil project in the Arctic, part of the country’s strategic energy plan which has been criticised by environmentalists. “It is with great pleasure that I inform you of the start of the practical implementation of the project,” Rosneft chief executive Igor Sechin told President Vladimir Putin at a meeting in Moscow. He thanked Putin, with whom he has close relations, for the…

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Gas Reserves Discovered In District Musa Khel, Balochistan

ISLAMABAD, (APP – UrduPoint / Pakistan Point News – 25th Nov, 2020 ) :The Oil and Gas Development Company Limited (OGDCL) has discovered another gas reserve from its exploratory Well located in district Musa Khel, Baluchistan province. According to a press release, the discovery of Lakhirud X-1 is the result of aggressive exploration strategy adopted by the Company. It has opened a new avenue and set to add the hydrocarbon reserves base of OGDCL besides help reducing the gap between supply and demand of oil and gas in the country…

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Govt suggests using telecom model

Policymakers have expressed the desire that gas companies should follow the model of telecom sector in an effort to operate in a competitive market, improve efficiency and reduce losses. At present, the two public gas utilities are posting high losses, which have worried policymakers, who are considering splitting the companies to control revenue bleeding. Losses of the gas utilities range from 11-17%. According to the Petroleum Division, the monopoly of the gas companies is causing an annual loss of Rs50 billion. These companies are in deep financial trouble because of…

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Aaj Shahzeb Khanzada Key Saath’: Gas crisis may create political problems for PM Imran Khan

KARACHI: As a follow-up of Tuesday’s report in Aaj Shahzeb Khanzada Key Saath regarding loss of Rs122 billion to national kitty and misleading the prime minister which not only have led to severe fuel related crises but also created serious political problems for the prime minister, the SAPM, Nadeem Babar, in his Wednesday’s press conference not only failed to give concrete replies to the specific allegations backed with documents but sadly insisted on his oft repeated stances. In the Wednesday’s show, the programme’s host Shahzeb Khanzada, said we are not…

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Deeper Gas Crisis on the Cards

ISLAMABAD: With the winter season aggravating every day, the country is heading towards a severe gas crisis as 100pc state owned companies — Pakistan LNG Terminal Limited (PLTL) and Pakistan LNG Limited (PLL) have refused to finalize the Inter-User Agreement (IUA) making the private LNG imports impossible knowing the fact that the private sector alone can solve the gas crisis and solve it fast by utilizing the unused capacity of the government and 150 mmcfd additional capacity of PGPCL terminal. More importantly, PLTL has rather sought a mammoth amount of…

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Govt to hike power, gas prices in phases

The federal government has announced that it will have to hike the power and gas tariffs in the country in a phased manner in order to enable gas companies to recover their receivables in the next four to five years. “The previous [PML-N] government did not allow an increase in the gas tariff which resulted in an increase in the shortfall of the gas companies – Sui Northern Gas Pipeline Limited (SNGPL) and Sui Southern Gas Company Limited (SSGC) – by Rs192 billion. “The companies will now be allowed to…

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Hydropower plants benefit rural areas of Pakistan

Chinese company Chongqing Savvy built more than 13 small, mini and micro hydropower plants in Pakistan as of 2019. Out of this, seven have finished installation and trial run and started generating power in Gilgit. The remaining eight plants are being installed in Khyber-Pakhtunkhwa (K-P). These small, mini and micro hydropower plants have delivered tangible benefits for the well-being of local people in areas which earlier lacked access to electricity. Chongqing Savvy Industries CEO George Zhou highlighted that power plants such as these could help electrify rural areas which would…

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