Month: November 2020

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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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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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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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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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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