Month: November 2020

Natural gas inventories in the United States ended the injection season between April and October 2020 close to the all-time high from 2016, the Energy Information Administration (EIA) said on Monday. At the end of the refill season—which is April 1 to October 31—the amount of working natural gas in storage stood at 3,920 billion cubic feet (Bcf), close to the record of 4,047 Bcf from the middle of November 2016, according to EIA data from its latest weekly natural gas inventory report last week. The injection season this year…

Read More

Saudi Arabia’s oil giant Aramco plans to issue U.S.-denominated bonds, with the exact amount subject to market conditions, the world’s largest oil-producing company said on Monday, as it has doubled down on paying huge dividends amid profit slumps. Citi, Goldman Sachs International, HSBC, J.P. Morgan, Morgan Stanley, and NCB Capital will be underwriters of the upcoming bond issue, which will be in several tranches with a maturity of 3, 5, 10, 30 and/or 50 years, subject to market conditions, Aramco said in a filing with the Saudi stock exchange Tadawul.…

Read More

The OPEC+ group complied 101 percent with the oil production cuts in October, keeping a high level of conformity ahead of the crucial meetings over the next two weeks, which will decide if the alliance will reverse course on easing the cuts given the worsening demand outlook. The compliance last month has been estimated at 101 percent, three sources at OPEC+ told Reuters on Friday. This assessment is subject to official review by the Joint Technical Committee (JTC) of OPEC+, which is meeting on Monday, November 16, a day before…

Read More

There is also a proposal to develop a comprehensive and broad-based mineral index for determination of levies and taxes on the lines of recently launched National Coal Index. The objective of these changes is to attract more investments in the sector, including from foreign players. A clutch of proposals to reform the rules governing non-coal minerals will likely come under the consideration of the Cabinet soon. According to a draft Cabinet note prepared by the mines ministry, introduction of mining licences that offers with certainty tenure, ranging from the exploration…

Read More

ISLAMABAD: Both Russia and Pakistan are going to initiate the three days crucial talks from today (Monday) here in Islamabad on the much trumpeted North South Gas Pipeline Project (NSGPP) that has already been delayed by five years. Both the countries want to make this project a touchstone for paving more strategic relationships not only in economic, energy and industrial sectors but also in the defence sector. Russian troops are already in Pakistan for joint exercises. In the past, Russia helped Pakistan build Pakistan Steel Mills (PSM), and country’s flagship…

Read More