Month: February 2022

Fracking: UK’s only shale gas wells to be sealed and abandoned

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The UK’s only two shale gas wells are to be abandoned after the industry regulator ordered them to be sealed.The Lancashire wells have not been used since 2019 after test drilling was suspended due to earth tremors and the government halted shale gas extraction in England. The Oil and Gas Authority (OGA) ordered that they now be plugged with concrete. The site’s owners, energy firm Cuadrilla, said the decision was “ridiculous” amid rising gas prices. The wells at Preston New Road were the first to frack horizontally onshore in the…

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Oil prices fall on fears of aggressive Fed rate hike

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Oil prices fell on Thursday despite forecasts for a steeper rise in energy demand, with crude turning negative on fears that the U.S. Federal Reserve will hike rates more aggressively than expected to fight inflation. After rising more than 1% in early trade, Brent crude futures slipped 27 cents, or 0.3% to $91.26 a barrel by 1347 p.m. ET (1847 GMT). U.S. Texas Intermediate crude fell 12 cents or 0.1% to $89.54 a barrel. After U.S. inflation data came in on Thursday at its hottest in 40 years, St. Louis…

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OPEC Sees Bright Prospects For Global Oil Demand This Year

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Stronger economic growth and the easing of COVID restrictions make the near-term prospects for global oil demand bright, with an upside potential, OPEC said on Thursday, keeping its forecast that consumption will exceed pre-pandemic levels in 2022. In its closely-watched Monthly Oil Market Report (MOMR), the organization revised up slightly, by 10,000 bpd, its annual oil demand estimate for 2022 to 100.8 million bpd, up from 100.79 million bpd in last month’s report. Estimates for the third and fourth quarter of 2022 were revised up by 30,000 bpd and 20,000 bpd, respectively.…

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Pakistan, China agreement on industrial cooperation a breakthrough: Dawood

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Advisor for Commerce and Investment Abdul Razak Dawood on Wednesday termed the signing of the Framework Agreement on Industrial Cooperation between Pakistan and China “a breakthrough” for the multi-billion-dollar China-Pakistan Economic Corridor (CPEC), which has entered into its second phase. Pakistan and China on Friday inked the Framework Agreement on Industrial Cooperation under the CPEC following Prime Minister Imran Khan’s arrival in Beijing. The agreement was signed between Chairman Board of Investment (BoI) Mohammad Azfar Ahsan and Chairman National Development & Reform Commission (NRDC) He Lifeng.“Signing of Framework Agreement on…

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PARCO manages to export 50,000 tonnes furnace oil

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According to sources, PARCO the vessel carrying the heavy fuel left for a foreign destination from Port Qasim on Thursday evening. Although refineries had tried to find buyers for their furnace oil stock in the last two months, they were not able to sell it owing to weak world demand, despite floating low-priced tenders. Sources said it was the first furnace oil export by PARCO since the crisis had started a few months ago. Shahid Mahmood Khan, Managing Director PARCO, actively pursued the sale in the international market, following a…

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