Oil giant Shell feels heat over giant $21 billion Prelude floating LNG plant

When Dutch-Anglo oil giant Shell decided to build a massive floating gas factory known as Prelude in 2011, it was billed as the dawn of a new era for the industry. Australia was midway through a once-in-a-lifetime $300 billion splurge that would make the country the world’s biggest producer of super-chilled, shipped gas. Floating gas plants were supposed to be…

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Moody’s Forecasts Record Oil And Gas Profits, Free Cash Flow

Moody’s Investor Service has upgraded its outlook for the global energy industry from “neutral” to “positive”, forecasting “record profit and free cash flow” for exploration and production companies in 2022, thanks to a combination of strong commodity prices and spending discipline. The ratings agency expects oil and gas supply constraints to keep prices high for twelve to eighteen months. Beyond…

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Guddu power plant fiasco: PD, CPGCL BoD adopt different stances

Power Division and Board of Directors (BoD) of Central Power Generation Company Limited (CPGCL) are reportedly challenging each other’s stance on 747-MW Guddu Combined Cycle Plant damaged last year due to undoubted negligence, well informed sources told Business Recorder. The inquiries conducted so far are holding M/s GE and plant’s staff responsible for the damage of billions of rupees. Power Division…

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Deregulated power sector to pave way for reasonable tariffs

Liberalising of the power sector will prove to be a game-changer as it will do away with monopoly to encourage competition and reasonable tariffs, a top government official said on Tuesday. Tauseef Farooqi, chairman of the National Electric Power Regulatory Authority (Nepra) said the authority approved the detailed design and 18-month implementation plan of the competitive trading bilateral contract market…

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Diesel Stocks Sufficient; More Cargoes on Way

Ample inventory of petroleum products including diesel is available in the country, while cargoes are waiting off-port, industry officials said on Monday, advising against any panic-buying. “It’s mainly because of the fact that refineries are producing higher amounts of fuels, while OMCs (oil marketing companies) planning importing them to meet volume commitments on time, despite the limited availability in world…

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Fuel shortage causing power outages

The country is facing electricity load-shedding of 5-8 hours in different areas/localities due to higher demand and lower generation due to shortage of fuel especially gas supply to power plants. On Monday at 2:36 pm, generation was recorded at 17976 MW against demand of over 21,000 MW, showing a substantial gap in demand and generation. Of this, 14536 MW was…

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