Day: June 8, 2021

The Organization of Petroleum Exporting Countries and their allies in OPEC+ are on a collision course with energy watchdog International Energy Agency (IEA) on at least two counts. Last month, the Paris-based IEA delivered the starkest warning yet on fossil fuels, saying the exploitation and development of new oil and gas fields must stop this year if the world remains serious about reaching net-zero emissions by the middle of the century. IEA is an arm of the Organization for Economic Co-operation and Development (OECD). The IEA call to stop investing…

Read More

The National Economic Council (NEC) on Monday approved Rs2.1 trillion for the national development outlay, as the federal government allocates nearly two-third of its budget for infrastructure projects to satisfy unhappy parliamentarians and meet national needs. The meeting of the NEC – the constitutional economic decision making body, was marked by agitation by the Sindh chief minister over what he called “unjust treatment” being meted out to his province in allocations of budgetary resources. The NEC approved Rs2.1 trillion national development outlay, which is higher by Rs535 billion or one-third…

Read More

Khyber Pakthunkhwa Government has proposed Rs40 billion development package for exploration of oil and gas activities in merged tribal districts in upcoming budget 2021-22 to fulfill Pakistan’s growing energy and fuel demands. Engineer Muhammad Luqman, Senior Planning Officer, KP Energy and Power Department told APP on Monday that a special development package worth Rs40 billion were proposed for inclusion in ADP-2021-22 for exploration of oil and gas activities in merged areas (erstwhile Fata) blessed with abundance of oil and gas reservoirs. “Today, KP is producing 52 percent of crude oil,…

Read More

Natural gas futures opened the week lower as a trifecta of bearish factors, including a large drop in export feed gas demand, brought prices down a couple of notches. The July Nymex gas futures contract fell 2.7 cents to $3.070. August fell 2.5 cents to $3.089. Spot gas prices were higher, however, as heat blanketed the Midwest and Northeast. NGI’s Spot Gas National Avg. climbed 12.0 cents to $2.880. After maintaining the $3.00 mark last week in the face of moderate temperatures, weather models that showed much hotter conditions in key regions…

Read More