SpaceX plans to use two deepwater oil rigs as offshore floating spaceports that the company will likely use for the Starship rockets it is developing. CNBC’s Michael Sheetz reports, citing public documents, that now-bankrupt offshore rig operator Valaris sold two rigs, 8500 and 8501, for $3.5 million each. The deal was completed in July last year, and Valaris—the world’s largest offshore…
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LONDON: Oil prices climbed on Tuesday as optimism that government stimulus will eventually lift global economic growth and oil demand trumped concerns that renewed Covid-19 pandemic lockdowns globally are cooling fuel consumption. Brent crude futures for March rose $0.72 to $55.47 a barrel by 1152 GMT after slipping $0.35 in the previous session. “There is perception that any retracement will…
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Norway has awarded 61 offshore exploration licenses to 30 companies in the latest annual licensing round for oil and gas exploration in mature areas on the Norwegian Continental Shelf, the Ministry of Petroleum and Energy said on Tuesday. The so-called Awards in Predefined Areas (APA) are announced every year and comprise the mature parts of the shelf with known geology…
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Halliburton Co on Tuesday predicted a recovery in the global oil and gas industry from the second quarter after the oilfield services provider beat profit estimates on cost cuts and modest gains in activity following last year’s slump. Crude oil prices are holding to gains from a rebound in late-2020 from a coronavirus-induced slump, with Brent crude hovering around $55…
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It seems that Tesla is planning to expand not only in the market in India but also in other countries in Asia. Pakistani Prime Minister Imran Khan will meet with the company executives to discuss investment opportunities in the Pakistani electric vehicle market. In an effort to expand its presence in the global market, Tesla has begun negotiations with the government…
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SINGAPORE: Pakistan LNG is seeking a liquefied natural gas (LNG) cargo for delivery in April, a tender document posted on the company website showed on Tuesday. It is seeking the cargo on a delivered ex-ship (DES) basis for delivery into Port Qasim, Karachi over April 9 to 10, according to the document.
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LAHORE: The Pakistan Electric Power Company (PEPCO) has constituted a four-member committee to prepare a brief on financial, technical and commercial highlights of the distribution companies (DISCOs) for privatization purposes. A copy of the office order issued in line with the cabinet committee on privatization (CCOP) decision on privatization of DISCOs is available with Business Recorder which points out that…
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SINGAPORE/LONDON: Pakistan LNG is seeking two liquefied natural gas (LNG) cargoes for delivery in February, after at least one supplier was unable to deliver a scheduled cargo, two industry sources told Reuters on Tuesday. Pakistan LNG, a government subsidiary that procures LNG from the international market, is seeking the cargoes for delivery over Feb. 15-16 and Feb. 23-24, one of…
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ISLAMABAD: National Electric Power Regulatory Authority (Nepra) Chairman Tauseef H Farooqi has said that the regulator is working on an inclusive Corporate Social Responsibility (CSR) development model. He was addressing a webinar cum seminar at Nepra Headquarters envisioning developing a CSR culture with its CSR drive of “Power with Prosperity”. The event was attended by a number of senior representatives…
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NEPRA has recently issued its determination on the applicability of Open Access (OA) charges applicable on OA consumers and has rejected the petition of CPPAG in this respect connected with the wheeling charges. Buyers or consumers’ choice and competitions are the basic tenets of capitalist markets. Under Open Access, the consumer has a choice of procuring or generating his own…
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