Year: 2021

Kazakhstan Is Pulling The Plug On Crypto Miners Amid Power Shortages

Admin

Kazakhstan’s national grid operator has begun rationing electricity to the country’s biggest consumers, likely targeting cryptocurrency mining farms. Facing a sudden energy shortage, officials must be regretting their recent embrace of the crypto industry. Nur-Sultan has struggled to land on a consistent policy toward cryptocurrencies and mining – the series of electricity-hungry calculations made by networked computers to verify and record cryptocurrency transactions. Only three years ago, the National Bank called for a ban on trading cryptocurrencies and mining them. Then, in 2020, parliament passed a law legalizing mining and creating welcoming conditions for…

Read More

Exxon Considers Abandoning Major Oil And Gas Projects To Appease ESG Investors

Admin

Ever since the arrival of the ESG craze, we have discussed the change in “optics” that Exxon has been trying to pull off in order to placate some of the most vocal activist shareholders, some of whom now happen to be on the company’s board. But now, instead of just purely superficial changes, Exxon may be on the cusp of making fundamental changes as well as the oil and gas major is considering whether or not to shutter “several major oil and gas projects”, according to a new report from…

Read More

Plan for New LNG Terminals in Limbo

Admin

The government’s plan to establish two new LNG terminals appears to be in limbo as Minister for Maritime Affairs is unhappy at the volume of capacity for the two terminals, arguing that allocation of pipeline capacity, as proposed by the Petroleum Division, may not serve the purpose, well informed sources told Business Recorder. On October 8, 2021, the Petroleum Division briefed the Cabinet Committee on Energy (CCoE) that as directed by the Oil and Gas Regulatory Authority (OGRA), Sui Northern Gas Pipelines Limited (SNGPL) will allocate 250-300 MMCFD pipeline capacity to…

Read More

Energy Crisis 2021: How Bad Is It, And How Long Will It Last?

Admin

Trying to bounce back from Covid, the world has run headlong into an energy crisis. The last spike of this magnitude popped the 2008 bubble. Crude oil is up 65% this year to $83 per barrel. Gasoline, above $3 per gallon in most of the country, is more costly than any time since 2014, with inventories at the lowest level in five years.  Meanwhile natural gas, which provides more than 30% of all U.S. electricity and a lot of wintertime heating, has more than doubled this year to $5 per…

Read More

China coal futures drop on threat of state intervention in energy crisis

Admin

Chinese coal prices tumbled on fears of government intervention in the strained energy sector, as Beijing seeks to rein in electricity costs and stem a crisis that has hobbled the country’s economic growth. Thermal coal futures trading on the Zhengzhou Commodity Exchange, which have hit record levels in recent weeks, fell the maximum 8 per cent for a second consecutive day on Wednesday to Rmb1,755 ($274) a tonne. The CSI Coal index of big China-listed miners dropped 8.5 per cent. The retreat came a day after China’s National Development and…

Read More