Oman LNG and Royal Dutch Shell have signed an agreement to deliver the Sultanate’s first carbon-neutral liquefied natural gas (LNG) cargo, the companies said on Tuesday. “The cargo is the first carbon-neutral LNG from the Middle East using nature-based carbon credits to offset full lifecycle CO2 emissions generated across the LNG value chain,” Oman LNG said on Twitter.
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7 May, the Asian Development Bank (ADB) issued a revamped energy policy for consultation – the policy’s first overhaul since 2009. A decade is a long time in the energy world. Between 2010 and 2019, large-scale solar power generation costs dropped 80% (to US$0.068/kWh) and onshore wind dropped 60% (to $0.053/kWh). Both now undercut the levelised (lifetime) costs of new coal and gas. The 2015 Paris Agreement has led many of ADB’s member countries to adopt carbon targets – and some, like China, net-zero targets. The International Energy Agency (IEA),…
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President Joe Biden’s infrastructure plan proposes to spend US$16 billion plugging old oil and gas wells and cleaning up abandoned mines. But there’s no authoritative measure of how many of these sites exist across the nation. In a recent study, my colleagues and I sought to account for every oil and gas well site in the lower 48 states that was eligible for restoration – meaning that the well no longer was producing oil or gas, and there were no other active wells using that site. We found more than…
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Portfolio managers increased their positions in petroleum last week, reversing roughly half the sales over the previous three weeks, as benchmark oil prices started to break up through the recent ceiling. Hedge funds and other money managers purchased the equivalent of 40 million barrels in the six most important futures and options contracts in the week to June 1, after selling a total of 74 million over the previous three weeks. Purchases were weighted towards crude oil, especially NYMEX and ICE WTI (+21 million barrels), with smaller buying in Brent…
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Oil and Gas Development Company (OGDCL) made five discoveries during the first three quarters of the current fiscal year 2020-21, with the preliminary reserves estimates are 53.03 billion cubic feet of gas and 0.84 million barrels of oil, a combined 10.32 million barrels of oil equivalent. According to the company’s third quarterly financial report for 2020-21, per day estimated production of these reserves is around 18 million cubic feet (MMCF) of gas and 849 barrels of oil. The discoveries include Togh Bala-1, Siab-1 (Samanasuk) and Siab-1 (Lumshiwal/Hangu) in district Kohat,…
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