Day: December 9, 2020

A terrorist attack set ablaze two oil wells at a small oilfield in northern Iraq on Wednesday, but total production at the 25,000-bpd field has not been affected, the oil ministry of OPEC’s second-largest producer said. According to the Iraqi oil ministry, quoted by Reuters, explosive devices were set off at two wells at the Khabbaz oilfield, which is located 20 kilometers, or 12 miles, southwest of the large northern Iraqi city of Kirkuk. Oil production from the two wells doesn’t exceed 2,000 bpd, the ministry said. Sources from Iraq’s…

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The spread between March and April natural gas futures collapsed to zero on Tuesday. The spread is critical in gauging how tight supplies will be for the North American winter. In one of the earliest collapses to less than zero, for the first time since 2015, this suggests traders are forecasting a mild winter that will dent energy demand.  Bloomberg calls the collapse in the spread the “widowmaker.” It’s a signal that traders are giving up on hopes of a frigid U.S. winter. “It’s a significant event,” said Gary Cunningham, a…

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While oil-producing nations are scrambling to plug budget shortfalls after the price crash, oil importers are benefiting from the low oil prices, and some of them are hedging against higher prices. Egypt, for example—a net oil importer—has nearly doubled its oil hedges to protect itself against higher oil import costs, Egyptian Finance Minister Mohamed Maait told Bloomberg in an interview published on Wednesday. “We did a huge number of hedging contracts,” Maait said about the program for the fiscal 2020-2021 ending in June 2021, without giving details about how much…

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Karachi: The new office-bearers and members of the executive committee of the Pakistan Solar Association (PSA) have been elected for the year 2020-2021.According to the results of the elections, Muhammad Farhan has been elected as chairman and Waqas Haroon Moosa as senior vice-chairman of the PSA. Gul Sher Khan, Hafiz Muhammad Shoaib, Naveed, and Faheem Asharf, have all been elected as the vice-chairmen of the association.Members of the newly elected executive committee of the PSA are: Amir Pervaiz Chaudhary, Shafiq Ur Rehman, Muhammad Rizwan Ramzan, Asghar Ali, Muhammad Jibran, Rana…

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Most Efficient, Flexible 60 Hz gas turbine, to Support Heat and Power for Korea’s Administrative Capital Sejong City KOSPO’s New Shinsejong Combined Cycle Power Plant will be the first plant powered by GE 7HA.03 gas turbine in Korea. Plant will deliver power to the Korean grid and supply district heating to Sejong CityGE’s 7HA.03—an H-Class evolution—is the world’s largest, most efficient, and flexible gas turbine with the lowest cost conversion of gas to electricity for 60-hertz customers Sejong, South Korea – December 8, 2020 – GE (NYSE:GE) today announced it…

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