Month: January 2022

Canadian Oil Companies Are Spending On Dividends Rather Than Expansion

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About two years ago, OPEC+ made a high-stakes wager that it could curb oil production and drive crude prices higher without unleashing an onslaught of supply from U.S. shale producers. Indeed, Saudi Arabia was adamant that the golden age of U.S. shale was over as plunging oil prices put hundreds of companies out of business. Well, the alliance’s gambit has definitely paid off, with oil prices staging a strong rebound and WTI crossing the $80/barrel mark for the first time in seven years. Meanwhile, whereas gloomy predictions about the death of U.S.…

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Coal-fired power plants are causing havoc in Pakistan

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Sahiwal (Pakistan) January 22 (newsin.asia): The Sahiwal Coal Power plant project named as Huaneng Shandong Ruyi (Pakistan) Energy (Limited) in Qadirabad is a mega coal power project which is a part of China-Pakistan Economic Corridor (CPEC). The power plant is located about (12 miles) from Sahiwal and (9.3 miles) from Okara cantonment, just north of the road which connects the two towns, in Pakistan’s Punjab Province. It was initiated to overcome the electricity shortage in Pakistan. China invested US$ 1.912 billion on this particular project in collaboration with the Pakistani…

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Qatar to regain its top slot in LNG exports by 2026

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Qatar’s LNG exports competed with Australia’s for the first place in 2020, although it ranked second, QEO said. According to the annual World LNG Report 2021 issued by the International Gas Union (IGU), Qatar ranked second in LNG exports in 2020, with 105bn cubic metres LNG or 77.1mn metric tonnes LNG equivalent, or 21.65% of the total global exports of about 356.1mn metric tonnes LNG. “It is expected that Qatar will gain a position as the pre-eminent and largest exporter by 2026, when the production of the North Gas Field…

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CPEC enabled Pakistan to meet energy demand, cut production costs: official

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The China-Pakistan Economic Corridor (CPEC) has not only turned Pakistan into a power surplus country but also cut the production cost of electricity, Khalid Mansoor, special assistant to the prime minister on CPEC Affairs, said. Pakistan needs a lot of power for domestic and industrial consumers, and the nation’s main production technology depends on expensive imported furnace oil, Mansoor told Xinhua in an interview. In the light of this situation, China invested in power plants in Pakistan and added 5,320 megawatts of electricity to the national grid at a lower cost. “Now…

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Oil production remains flat in second quarter of FY22

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The Oil production in Pakistan during the second quarter of fiscal year 2022 (FY22) witnessed a decline of 1 per cent amidst lower production output, a research report by Topline Securities showed. The reduction in the production came largely due to the decline in production from Nashpa, Adhi, and Makori East oil fields coupled with no addition of any sizable production oil field. Likewise, the gas production during the second quarter of FY22 witnessed a decline of 2 per cent on a quarter-on-quarter basis, driven by the lower production from…

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