Day: September 1, 2021

LPG PRICE GOES UP BY RS5 PER KG

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ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) notified on Tuesday an increase of Rs5 per kilogramme in the price of Liquefied Petroleum Gas (LPG) for the month of September. According to a notification issued by the country’s oil and gas regulator, one kilogramme of LPG will now cost Rs175. The LPG cylinder used for household purposes will be available for Rs2,060 after an increase of Rs58 while the commercial cylinder will be sold at Rs7,926 after a hike of Rs223. Earlier in the day, the federal government announced a…

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Hurricane Ida Hurts Oil Demand Ahead Of OPEC+ Meeting

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As oil markets prepare for the OPEC+ meeting, Hurricane Idea took 2 million barrels per day of refining capacity offline, dragging oil prices down. Chart of the Week – A growing wave of kidnappings and attacks on oil workers in Nigeria is sapping the long-term production prospects of Africa’s largest producers, S&P Platts reports.  – The Assa North gas project developed by Royal Dutch Shell (NYSE:RDS.A) in the oil-rich Imo State remains shut-in after a mid-month attack that saw seven killed, a testament to the operational problems that oil companies face.  – Whilst…

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Illegal mining goes on in Charsadda

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Illegal mining of mines and minerals continues despite a ban in the district, causing huge losses to the provincial exchequer every year. Sources said that the Khyber Pakhtunkhwa government was losing Rs157.13 million per annum due to the ban on mining and flawed policies to boost the sector in Charsadda. They said that there were substantial mine and mineral reserves on 13,000 acres of land in Charsadda. The illegal mining at 15 mine reserves in Charsadda had become order of the day. It has caused huge losses to the government…

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Shell Enters Impact Oil & Gas’ South Africa Offshore Blocks

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Oil major Shell has acquired a share in the Transkei & Algoa blocks offshore South Africa from Impact Oil & Gas. Following completion of the transaction, first agreed on in November 2020, Shell is now the operator of the block with a 50% stake and Impact Oil & Gas owns the remaining 50%. stake. Also, Impact said Tuesday that the South African Government had granted the Second Renewal Period of the license. This is a two-year exploration period that started in August 2021. Impact and Shell plan to proceed with…

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3 Distinct Futures For The Oil Industry

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As the global economy emerges from the pandemic and commodity prices continue on a recovery path, it’s becoming increasingly evident that the oil and gas industry is standing on the precipice of something big. Scores of Wall Street punters have issued a generally bullish short-to-mid-term oil outlook despite the formidable headwinds posed by the pandemic. Even the normally conservative IEA has raised its oil price outlook for 2022 despite issuing a lackluster forecast for the remainder of 2020. However, few experts have ventured into prognostications about the long-term oil trajectory.…

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