Year: 2020

Bigger Than Expected Crude Inventory Draw Boosts Oil Prices

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The American Petroleum Institute (API) reported on Wednesday a major draw in crude oil inventories of 5.421 million barrels for the week ending October 9. Analysts had predicted an inventory draw of 2.835-million barrels. In the previous week, the API reported a build in crude oil inventories of 951,000 barrels, after analysts had predicted a build of 400,000 barrels. Oil prices were trading up on Tuesday afternoon before the API’s data release, despite industry reports from the IEA and OPEC that suggested oil demand growth could be weaker than anticipated.…

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The U.S. Is Backing Hydrogen Trucks With A New $100 Million Initiative

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Until now, the United States has been trailing other countries when it comes to plans for a post-COVID clean energy push. As countries around the world have rushed to put together green stimulus packages for a post-pandemic economic recovery, the U.S. has been slow to adopt a similar policy. The private sector, too, has taken a drastically different approach in the U.S. when compared to energy companies in Europe. In a New York Times report last month headlined “U.S. and European Oil Giants Go Different Ways on Climate Change,” reporter…

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Commencement of Production from Sara and Suri Leases and Settlement of Debentures

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CALGARY, Alberta, Oct. 13, 2020 (GLOBE NEWSWIRE) — Jura Energy Corporation (“Jura” or the “Company”) announced today that commercial production has commenced from the Sara and Suri leases under a third party sale arrangement. The current production from the fields is approximately 0.25 MMcf/d (net to Jura 0.15 MMcf/d) which is expected to be gradually enhanced to approximately 1 MMcf/d (net to Jura 0.60 MMcf/d). The gas production from the Sara and Suri leases is being sold to Konnect Gas (Private) Limited (“KGL”) pursuant to the terms of a previously-announced…

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Hafeez-led body to give effect to MoUs signed with IPPs

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ISLAMABAD: The Power Division has notified 8-member committee headed by the Prime Minister’s Advisor on Finance and Revenue, Dr Abdul Hafeez Shaikh to give effect to the MoUs signed with IPPs and their conversion into binding contractual agreements and devising a mechanism for settlement of outstanding dues of IPPs. On September 29, 2020, the federal cabinet constituted the following committee to take further actions on implementations of negotiations outcomes with IPPs: (i) Adviser to the Prime Minister on Finance & Revenue – Chairman; (ii) Special Assistant to the Prime Minister…

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QESCO to be handed over to Balochistan govt: Omar

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ISLAMABAD: Federal Minister for Power Division Omar Ayub has said the federal government has decided to handover Quetta Electric Supply Company (QESCO) to the provincial government of Balochistan. He said as a part of the privatisation drive, the government had offered Balochistan to takeover the operation of the QESCO, adding that the government was also going to privatise Peshawar Electric Supply Company (PESCO) and the Islamabad Electric Supply Company (IESCO). While briefing the National Assembly Standing Committee on Power, he told that the power distribution system had almost collapsed, and…

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