Month: January 2021

McKinsey: aggregate fossil fuel demand to peak in 2027

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Aggregate fossil fuel demand is set to peak in 2027 – with oil peaking in 2029 and gas in 2037 – partially due to the impacts of COVID-19, according to new research by McKinsey & Company. The Global Energy Perspective 2021 report finds that while coal demand peaked already, peaks in demand for oil and gas are not far behind. The pandemic has resulted in a profound reduction in energy demand, from which McKinsey expects it will take between one to four years to recover – with electricity and gas…

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Column: Big freeze exposes Asia’s underlying energy crisis

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China has been forced to restrict power in multiple provinces, Japan has appealed for voluntary restraint, and liquefied natural gas (LNG) prices have hit record highs as generators and utilities scramble for spot cargoes. While freezing temperatures triggered the crisis, they have also exposed an underlying lack of resilience in regional energy systems caused by the rapid transition to gas for space heating and power generation. Japan has failed to restart or replace nuclear generation a decade after the Fukushima disaster, which has left the country short of generation capacity…

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OGRA grants licences to two virtual pipeline firms

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ISLAMABAD: In a new development, Pakistan’s private sector is going to introduce an innovative concept of virtual pipelines through cryogenic bowzers. Currently, Pakistan has two floating liquefied natural gas (LNG) terminals in Karachi with handling capacity of around 1.3 billion cubic feet per day (bcfd) of LNG. With the new concept of virtual pipelines, the government will open up the LNG market for the private sector to ship gas through such pipelines. Under this project, the private sector will not have to lay pipelines for gas transport. In a move…

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At least 609 fuel stations sealed in crackdown against ‘oil smugglers’

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Days after the federal cabinet green-lighted a major drive against oil smuggling in the country, the anti-smuggling squad of the interior ministry sealed 609 petrol filling stations and about 4.5 million litres of petrol and diesel on Friday. According to an official statement, the officials of the interior ministry swung into action against the oil smugglers, sealed petrol pumps and seized petrol and diesel under the campaign. The statement said that Interior Minister Sheikh Rashid is conducting the operation against the oil smugglers on the directives of Prime Minister Imran…

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LNG price boom set for fall as warmer weather looms in Asia

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SINGAPORE: The breathtaking rally in liquefied natural gas (LNG) is likely set for a fall in coming weeks as a cold spell in Asia gives way to milder weather and lower heating demand, traders and analysts said. Spot LNG prices have jumped by nearly 200% in the last month as freezing temperatures across North Asia boosted demand and depleted inventories. Over the last six months, they have soared by a dizzying 1,000%. “Once temperatures rise and more LNG supply returns to the market, the rally should ease,” said Chong Zhi…

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