Day: December 1, 2020

Turkey Halts Mediterranean Oil, Gas Survey On EU Sanctions Threat

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Turkey has halted survey for oil and gas in the Mediterranean and had its survey vessel back to a Turkish port, days before European Union leaders are set to discuss the possibility of EU sanctions on Turkey over its intention to drill for oil and gas in waters that EU members Greece and Cyprus consider part of their territorial waters. The Turkish seismic survey vessel Oruc Reis has completed surveys in the Demre field in the eastern Mediterranean that began on August 10 and has now returned to the port…

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OGRA suggests increase in petrol prices for Dec

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The Oil and Gas Regulatory Company (OGRA) has advised the petroleum division to raise fuel prices in December. It has sent a summary with higher prices to the division. OGRA recommends raising petrol prices from Rs2.55 per litre from December 1. High speed diesel should be increased by Rs2.70, it advised. Prime Minister Imran Khan has to approve the increase in prices before they come into effect. The finance ministry will announce the new prices on November 30. It can also decide to keep prices unchanged. Petrol prices in Pakistan…

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LPG price hiked to Rs132 per kg

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ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Monday notified a Rs2/kg hike in the price of Liquefied Petroleum Gas (LPG) for the month of December 2020. As per the notification, LPG will be available at Rs132/kg in the market; domestic cylinder will cost Rs1,553 (Rs23 more than last month) whereas commercial cylinder will be sold at Rs5,976 (+Rs88). Sources in the LPG industry informed that local production of LPG during the ongoing year stood at approximately 603,997 metric tonnes (MT), whereas LPG imported so far was 360,285MT. Approximately 120,000MT…

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Nepra urged to revise industrial tariff

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ISLAMABAD: Power Division has requested National Electric Power Regulatory Authority (NEPRA) to revise industrial power tariff and abolish Time of Use (ToU) charges in accordance with the decisions of ECC and CCoE. The government took decision to lower tariff for the industrial sector despite finance adviser’s warning that provision of superfluous subsidies in power sector can create hurdles in release of next tranche from the International Monetary Fund (IMF). The country’s circular debt has already reached Rs 2.3 trillion from Rs 1.1 trillion in 2018 when the PTI took over…

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Harvest or grow: what’s the future of upstream oil & gas investment?

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The outlook for the upstream industry has rarely looked so uncertain. After two oil price crashes in five years, market and price risks are at their highest in decades. And upstream spend in 2020 is set to be at its lowest in 15 years. The energy transition and the economic fallout from coronavirus will only make capital allocation decisions that much more difficult. So, what does the future hold? Will oil companies simply harvest the remaining value of their existing oil and gas assets and invest that money in new…

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