Month: December 2020

LNG Prices Soar To Six-Year High

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Spot prices for liquefied natural gas (LNG) delivery in Asia jumped to a six-year high this week as lower-than-normal temperatures in key LNG importers and continued growth in China’s industrial activity boost demand. Spot LNG prices for January delivery have jumped to over $12 per million British thermal units (mmBtu) as a cold snap in parts of the major LNG importers Japan, China, and South Korea raises demand for electricity and heating. Moreover, China’s industrial output continued to grow in November, also boosting demand for power.The prices of LNG in…

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Oil & gas majors unite to agree energy transition principles

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Energy companies BP, Eni, Equinor, Galp, Occidental, Repsol, Royal Dutch Shell and Total have announced they have agreed on six joint principles to drive their participation in the energy transition. The oil and gas sector has a great deal of work to do to decarbonise and as the drive to net zero picks up pace, there is simply no choice but to place climate ambitions at the centre of all strategic planning. Besides the pressure from the energy transition and the growth of renewables, stakeholders also are asking for more…

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The oil and gas sector must reinvent itself. This is how it could be done

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The global oil and gas industry has faced difficult times before, but the situation it confronts in 2020 is unprecedented. The short-term outlook is complex, as the erosion of demand caused by the COVID-19 pandemic has staggered an already challenged industry. The medium- and long-term outlooks are also uncertain in the context of the pressures for decarbonization, structural changes in societal habits reducing energy intensity, and abundant energy supply availability. The industry may need to reinvent itself. When the industry encountered difficulties in the past, it was able to cut…

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Pakistan raises eyebrows by dropping plans for new coal plants

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In a surprise move, Pakistan has abandoned plans to build 27GW of coal power plants between 2030 and 2047, and will invest in renewable energy instead.The announcement was made by Imran Khan, Pakistan’s prime minister, during a virtual gathering of global leaders. He told the Climate Ambition Summit 2020 on Saturday: “We have already scrapped two coal power projects that were supposed to produce 2.6GW of energy. We have replaced them with hydroelectricity.” He added: “We have also decided that by 2030, 60% of all energy produced in Pakistan will…

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Once again electric utility up for sale – I

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Karachi Electric Supply Corporation (KESC) (now K-Electric) has an interesting history. In 1913, it was formed as a power generation and distribution company in the private sector to meet the power needs of small port town of Karachi. The year 1947 witnessed a dramatic change in the demography of Karachi. In 1952, the government nationalized KESC in order to facilitate the much-needed investment in its infrastructure. Till early 1980s KESC performed exceptionally well in meeting the growing industrial, commercial and residential demands: eight new generating plants were added, with a…

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