Day: January 27, 2021

Only 36 percent of Russia’s recoverable crude oil reserves can turn a profit in the current market, Deputy Energy Minister Pavel Sorokin said in an article for Energy Policy magazine. Russia’s recoverable oil reserves stand at some 30 billion tons or 219.9 billion barrels. This means that the profitable portion comes in at about 79.16 billion barrels. This is still quite a bit of oil that can be profitable under current market conditions. However, Sorokin lists a number of technical, rather than purely economic, problems with the development of these…

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Islamabad, January 27,2021: Federal Minister for Energy Mr. Omar Ayub Khan and President of Islamic Development Bank (IsDB), Dr. Bandar Hajjar inaugurated the construction of the 113 kilometer electricity transmission lines from Pak-Afghan border to Nowshera under the South Asia Central Asia Regional Trade and Transmission Project (CASA-1000) in a virtual event. Federal Secretary Power Division, Mr. Ali Raza and senior officials of Power Division, representatives of development partners, UN agencies, & other key stakeholders also witnessed occasion. Speaking on the occasion, the Minister for Energy, appreciated the efforts of…

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Islamabad, January 27, 2021: PLL issued a tender (PLL/IMP/LNGT30) for 3 spot cargoes for March on 16 December 2020 and opened the bids on 15 January 2021 with bid opening to delivery ranging from 53 to 66 days. It received multiple bids for all cargoes but decided not to award considering the rapidly changing supply and demand position. PLL issued an urgent tender (PLL/IMP/LNGT34) for similar delivery windows on 21 January 2021 with an average of 44 to 57 days from bid opening to delivery. The shorter lead time tender…

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ISLAMABAD: The federal cabinet’s Economic Coordination Committee (ECC) is likely to approve the allocation of around 22 million cubic feet per day (mmcfd) gas from three different gas fields of Sujawal block to the Sui Southern Gas Company Ltd (SSGCL). According to sources, the Petroleum Division has request the committee to approve the allocation of up to 15mmcfd gas from Sujawal-1, up to 3mmcfd has from Sujawal-X-1 and up to 4mmcfd gas from Aqeeq-1 to SSGCL. It may be noted that Mari Petroleum Company Ltd (MPCL) had made discoveries (Sujjal-1, Sujawal…

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Pakistan LNG received lowest offers from Eni and Qatar Petroleum for three shipments in March sought in latest tender, according to traders with knowledge of the tender.

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