Day: December 23, 2020

The new discovery on the Slagugle prospect is just 14 miles north-northeast of the Heidrun Field, which was discovered by Conoco in 1985 when it was the operator for the exploration and development phase. Heidrun has been producing oil and gas since 1995. ConocoPhillips, the operator of the license containing the latest oil discovery on the Slagugle prospect, will now assess the find alongside other nearby prospects with a view toward future delineation of the discovery and potential tie-in to existing infrastructure in the area, the Norwegian Petroleum Directorate said.…

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Last month’s agreement to begin construction next summer of the Pakistan Stream Gas Pipeline – formerly referred to as the North-South Gas Pipeline – shows that Russia is raising its stakes in South Asia. It represents the evolution of its fast-moving rapprochement with Pakistan and gradual movement towards an eventual strategic partnership. The “military diplomacy” between the two which first began due to shared security threats stemming from ISIS’ presence in Afghanistan and then laid the basis for February’s planned multilateral AMAN-2021 naval drills is now transforming into “energy diplomacy”.…

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ISLAMABAD: Pakistan and the IMF are inching towards formal revival of the stalled Fund programme, as the government has decided to hike power tariff by 25-30 percent and to abolish up to Rs200 billion corporate sector income tax exemptions. The top political leadership has given go-ahead to the economic team to fulfill all the required prerequisites for revival of the stalled programme under $6 billion Extended Fund Facility (EFF). The power tariff will be hiked in a gradual manner up to 25 to 30 percent in a bid to fulfill…

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LAHORE: The World Bank Mission conducted a review of the status of implementation of Tarbela 4th extension hydropower project. The seven-member mission consisted of energy specialist and mission leader, senior procurement specialist, advisor, social development specialist, environment specialist, operations officer and programme coordinator. In its implementation support mission aide memoire shared with the ministry of water resources, ministry of energy, power division, and economic affairs division, the World Bank has appreciated the successful implementation and effective operation of the 1410 MW-Tarbela 4th extension hydropower project completed in 2018 in a…

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ISLAMABAD: Energy experts have stressed the need for a strong and broad consensus among key stakeholders for curbing coal-based power generation and diverting 60% of energy mix to renewable resources by 2030 in Pakistan. At a consultative meeting held at the Institute of Policy Studies (IPS) on Tuesday, they termed solar power an irresistible and promising solution for advancing the renewable energy uptake to remove the chronic bottlenecks plaguing the national power sector. The speakers talked about how several barriers including regulatory bumps at the inter-connection phase, low trust in…

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