Day: May 4, 2022

Iran Moves Ahead With $500 Million South Pars Oil Development Deal

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Iran is moving ahead with a US$500-million contract for the production development and enhanced oil recovery from its strategically vital South Pars Oil Layer signed between the National Iranian Oil Company (NIOC), the Iranian Offshore Engineering and Construction Company, and an as-yet officially undisclosed foreign company. “In this contract, for the first time, horizontal drilling with new foreign technologies and water injection will be used as one of the methods of production enhancement,” said NIOC chief executive officer, Mohsen Khojasteh-Mehr. “The two key points to understand about the [South Pars]…

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Who is buying Russian crude oil and who has stopped

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Here is the response by countries regarding purchases of Russian oil since the war in Ukraine started on Feb. 24 and how companies have acted. Australia, Britain, Canada and the United States have imposed outright bans on Russian oil purchases but the 27 members of the European Union have not been able to agree on the embargo. The bloc is leaning toward a ban on imports of Russian oil by the end of the year as part of a sixth package of sanctions against Russia. Germany, the EU’s largest economy,…

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Soaring costs curb enthusiasm for US LNG

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Oil and Gas Regulatory Authority (OGRA) on Saturday issued a price-revision notification of Liquefied Petroleum Gas (LPG) for the month of May, decreasing the commodity price by Rs180.28 per 11.8-kilogram cylinder. According to the notification, the authority reduced the locally produced LPG price by Rs 15.27 per kilogram. After the revised price, the LPG cylinder would be sold in the open market at Rs2,735.83 in May, which was available at Rs2,916.11 in April. Whereas, the per Metric Ton (MT) LPG rate has been fixed at Rs231,850.07 for May. The commodity…

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Gas processing plants asked to maximise capacity

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The Directorate General of Gas (Petroleum Division) has Annual Turnaround (ATA) of 15 gas processing plants producing around 390 MMCFD gas, official sources told Business Recorder. The operators, the sources said, have been asked to proceed further accordingly while endeavouring to minimize the shutdown period to the extent possible in consultation with concerned gas utility company and ensuring that the tangible efforts would be made to deliver maximum quantity of deliverable gas, if any, during the ATA period. Moreover, all stakeholders have been directed to make sure that ATA’s of the…

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OGRA Reduces LPG Price By Rs180.28 Per 11.8-Kg Cylinder

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Oil and Gas Regulatory Authority (OGRA) on Saturday issued a price-revision notification of Liquefied Petroleum Gas (LPG) for the month of May, decreasing the commodity price by Rs180.28 per 11.8-kilogram cylinder. According to the notification, the authority reduced the locally produced LPG price by Rs 15.27 per kilogram. After the revised price, the LPG cylinder would be sold in the open market at Rs2,735.83 in May, which was available at Rs2,916.11 in April. Whereas, the per Metric Ton (MT) LPG rate has been fixed at Rs231,850.07 for May. The commodity…

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