IEA says oil, gas methane emissions down 10% in 2020 as output fell

LONDON – Global emissions of the potent greenhouse gas methane from oil and gas production dropped 10% in 2020 mainly because of lower output as opposed to concerted climate action, a report by the International Energy Agency (IEA) found. Methane has more than 80 times the warming potential of carbon dioxide in its first 20 years in the atmosphere and is liable to leak from oil and gas infrastructure, such as pipelines. Other industries, including agriculture, are also big methane emitters. Last year, oil and gas operations emitted over 70…

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How Pakistan lost $6 billion on a gold mine

PESHAWAR – Pakistan’s US and France based real estate assets are at risk of confiscation as a United Kingdom court moves to enforce an arbitration tribunal decree that fined it US$5.9 billion for retracting a 28-year old gold exploration contract with foreign mining companies. This month, a British Virgin Islands’ court-ordered to establish a value on the Roosevelt Hotel in New York and the Scribe Hotel in Paris as part of an attachment process of the properties owned by Pakistan International Airlines Investment Ltd (PIAIL), a state-run company officially registered…

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FEATURE: UAE juggling energy transition, eking out profit from oil and gas

Dubai — The UAE’s juggling of energy transition and plans to eke out more profit from oil and gas projects has left it trying to secure a role in future crude demand scenarios while appeasing investors looking to combat climate change. As OPEC’s third largest producer, the UAE has commitments as a member of the alliance but it is also pursuing its own agenda to speed up production of oil reserves before peak demand becomes a reality. Abu Dhabi National Oil Co, the UAE’s biggest energy producer, is accelerating exploration and…

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Amid LNG availability crisis: Petroleum Division asked to restart JJVL LPG extraction plant

ISLAMABAD: Amid the impending LNG availability crisis in February, 2021 on account of backing out by UAE based LNG supplier (ENOC) of its commitment to provide an LNG vessel next month, the top management of Jamshoro Joint Venture Limited (JJVL) has asked the Petroleum Division (PD) to comply with the ECC decision by letting its LPG extraction plant resume operation. “Once JJVL’s LPG extraction plants comes on stream, it will start catering to the energy needs of over 750,000 homes across Pakistan. And this will also help contain the increasing…

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Power tariff bomb set to explode this week

ISLAMABAD: After increasing POL prices twice this month, the government is now all set to explode the power tariff bomb on the masses in the current week, as Power Division has prepared a summary seeking the ECC approval for increase in the new base tariff by Rs1.90 per unit setting new base tariff at Rs15.25 per unit, well-placed sources at Energy Ministry told The News. “The existing base tariff of electricity power distribution companies (DISCOs) stands at Rs13.35 per.” However, they said, the government is likely to notify today (Monday)…

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WAPDA to be executive agency for K-IV project: CDWP approves two projects worth Rs3.82bn

ISLAMABAD: The Central Development Working Party (CDWP) has approved two development projects at the cost of Rs3.82 billion. According to the sources, the CDWP also approved WAPDA as executive agency for Greater Karachi Water Supply Scheme (K-IV) project. They said that the Sindh government had this project but it could not execute it then the project was handed over to the federal government. The Wapda will prepare PC-I of the project and will submit it to the CDWP for approval. The CDWP met under Deputy Chairman Planning Commission Dr Muhammad…

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SNGPL, SSGC consumers: Ogra determines weighted average RLNG price

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) determined weighted average re-gasified liquefied natural gas (RLNG) price of $8.7316 per mmbtu for the Sui Northern Gas Company (SNGPL) consumers and $8.4687 per mmbtu for the Sui Southern Gas Company (SSGC) consumers for January 2021. The regulator computed the prices of January based at 11 cargoes of LNG. The Pakistan State Oil (PSO) imported LNG through six cargoes, while the Pakistan LNG Ltd (PLL) received five cargoes at spot purchase. The PSO imported cargo calculated of LNG DES price at three-month…

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Body formed to examine gas supply chain

ISLAMABAD: Amid growing number of suppliers competing for pipeline and terminal capacity, the Cabinet Committee on Energy (CCoE) on Monday constituted a subcommittee to examine in detail the availability of pipeline capacity and how to allocate it for transportation of re-gasified liquefied natural gas (RLNG). Informed sources said the CCoE met briefly under the chairmanship of Minister for Planning and Develop­ment Asad Umar as some of the relevant stakeholders were based in Karachi and appeared to be unable to optimally contribute through video conference. Therefore, Mr Umar constituted the subcommittee…

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LNG contracts

THE LNG spot prices have spiked to a multi-year high in recent weeks over the fuel’s rising demand in Asia as winter temperatures in Japan, China and Korea drop to below average levels. The surge in demand for the super-chilled fuel has also led to shortages of LNG cargo vessels, interrupting the supply chain and pushing freight rates to new highs. The unprecedented price volatility in the global LNG market is leading many traders to bail on their earlier supply contracts, and forcing countries to start rationing gas owing to…

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