Year: 2020

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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Prices of some oil products increased, others’ unchanged

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ISLAMABAD: The government on Monday increased prices of High Speed Diesel (HSD) and Liquefied Petroleum Gas (LPG) by 3.94pc and 1.48pc, respectively, with immediate effect. However, by reducing some taxes it kept prices of petrol, kerosene oil and light diesel oil unchanged for the next 15 days, according to an announcement made by the ministry of finance. As such, the ex-depot price of HSD was fixed at Rs105.43 per litre with an increase of Rs4 (3.94pc) from existing Rs101.43 per litre. The HSD is mostly used in heavy transport vehicles,…

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Islamic State Claims Attack On Iraqi Refinery

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Islamic State militants launched a rocket strike against an Iraqi refinery causing its shut-down, Reuters has reported, citing officials from the facility. In a statement on the terrorist group’s official channel, IS took responsibility for the attack, which caused a fire at a fuel storage tank, which has been put under control. “We completely shut down production units to avoid extensive damage that could result,” one of the Reuters sources said. The Siniya refinery, located in Northern Iraq, has a daily processing capacity of 300,000 bpd. Operations at the facility…

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U.S. To Blacklist Chinese Oil Giant Due To Military Ties

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The United States government is set to add Chinese state oil company CNOOC to a blacklist of companies with ties to the Chinese military, Reuters has reported, citing sources and a document. The move is the latest escalation in the U.S-Chinese trade spat and comes less than two months before the administration changes. So far, the Department of Defense has designated 31 Chinese companies from various industries as either owned or controlled by the country’s military. Earlier this month, Reuters reported the DoD will add another four. CNOOC and a…

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Venezuela’s Oil Crisis Is An Environmental Time Bomb

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The international media think tanks and government agencies have discussed at length the near failure of Venezuela, once Latin America’s most stable and developed nation, and the emergence of this century’s second-worst humanitarian crisis. The country’s implosion can be blamed upon a variety of factors, the key being the socialist Maduro regime’s gross mismanagement of its economic engine, Venezuela’s oil industry. While the economic, political, and humanitarian fallout from what can only be described as the world’s worst peacetime economic crisis is widely recognized, the environmental consequences have long been…

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