he world’s biggest oil and gas companies, including Shell, Exxon and Gazprom, are projected to spend €857 billion on new oil and gas fields by 2030. This could grow to a staggering €1.4 trillion by 2040, says new research from Global Witness and Oil Change International. All 20 of the companies investigated by two NGOs claim to support the Paris…
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The American Petroleum Institute (API) reported a surprise build this week for crude oil of 7.757 million barrels, compared to analyst predictions of a 1.367 million barrel build. U.S. crude inventories have shed some 72 million barrels since the start of 2021 and about 14 million barrels since the start of 2020. In the week prior, the API reported a…
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Japan’s government will continue to ask oil producers in the Middle East, including Saudi Arabia and UAE, to increase their oil output further, Koichi Hagiuda, Minister of Economy, Trade and Industry (METI) said on Tuesday. Hagiuda also said Japanese companies have not been asked to pay in rubles for their Russian natural gas transactions. “We have been working to reduce…
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The ‘fasting’ people of the twin cities of Rawalpindi and Islamabad have appealed to Prime Minister Shahbaz Sharif to immediately take up the issue of long hours of unscheduled loadshedding by Islamabad Electric Supply Company (Iesco). The concerned authority is observing 8 to 10-hours of unscheduled loadshedding in day and night for four days but nobody was questioning them as…
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Minimum opportunities of livelihood force the people of Balochistan to put their lives at stake by choosing the perilous profession of mining. Shocking incidents of casualties in coal mines are reported every passing month. Owing to unsafe working conditions, Balochistan’s mining sector has taken a heavy toll on hundreds of mine workers over the years. Absence of precautionary measures such…
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Barrick Gold Corporation The groundbreaking partnership agreement between Barrick, the federal government of Pakistan and the provincial government of Balochistan should unlock the enormous value of Reko Diq, one of the world’s largest undeveloped copper and gold deposits, president and chief executive Mark Bristow said today. Speaking on an investor call, Bristow said the project represented a unique mining ……
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The government of Punjab has urged federal government to instruct Punjab-based power Distribution Companies (Discos) to do away with habitual illegitimate practice of adjustment of Electricity Duty against outstanding payables of provincial government connections and GST subsidy on private agriculture tube-wells. Punjab government raised the issue through a letter with the Ministry of Energy (Power Division), which is the administrative…
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Consumers are significantly reducing their monthly electricity bills by generating electricity from sunlight /heat. IESCO Chief Executive Dr Muhammad Amjad Khan has instructed all field formations to provide complete information about the procedure and benefits of net metering to consumers. According to the details, by March 2022, IESCO received 5417 applications for net metering connections, out of which 5325 applications…
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Financial woes of country’s nuclear power plants, established by China, are not different from other power plants established under different power policies. Well informed sources told Business Recorder that operation of the nuclear power plants and repayment of foreign/ local loans have become a challenge in the absence of requisite payment by the Central Power Purchasing Agency –Guaranteed (CPPA-G). The sources said…
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