Day: October 3, 2022

The Biggest Argument For Peak Oil

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It’s been two years since British oil and gas supermajor BP Plc. (NYSE: BP) dramatically declared that the world was already past Peak Oil demand. In the company’s 2020 Energy Outlook, chief executive Bernard Looney pledged that BP would increase its renewables spending twentyfold to $5 billion a year by 2030 and “… not enter any new countries for oil and gas exploration”. That announcement came as a bit of a shocker given how aggressive BP has been in exploring new oil and gas frontiers. When many analysts talk about Peak Oil, they are usually referring to…

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Europe’s Winter Energy Preparations: Too Little Too Late?

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Windfall taxes, power rationing, and price caps on imported gas: these are the main ideas the European Union has produced as it struggles to contain an energy shortage that has spiraled out of all reasonable proportions. The block has managed to fill its gas storage ahead of the deadline and above target levels, and this is perhaps the only piece of good news this year. The EU has also managed—voluntarily and not so voluntarily—to reduce its gas imports from Russia from 41 percent to 9 percent. It has paid a…

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World Bank may allow 22-month extension of NTMP-1 closing date

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World Bank (WB) is likely to allow 22 months extension on the closing date of the $425 million National Transmission Modernization I project (NTMP-1) to regulate delays on different accounts. The World Bank’s Country Director, Najy Benhassine in a letter to Secretary Economic Affairs, Dr Kazim Niaz has shared the Aide Memoire of the World Bank team that conducted a Mid Term Review (MTR) and implementation support mission for the NTMP-1 held during the period of June 27-July 7, 2022. The objectives of the mission were to: (i) review the…

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Pakistan Army’s School of Artillery Visits Cnergyico’s Oil Refining Complex

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A delegation from the Pakistan Army’s School of Artillery visited Cnergyico’s oil refining complex (formerly Byco Petroleum) in Hub – Balochistan. The delegates were received by Company’s senior executives and were given a detailed briefing on the refinery operations and future plans. Cnergyico’s oil refining complex is capable of processing up to 156,000 barrels per day of crude oil to produce a variety of high-value fuels, such as petrol and high-speed diesel. Cnergyico is the only energy company in the country that operates a private offshore port, called Single Point…

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Pakistan’s case: US ready to allow Russian oil trade

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The United States (US) has reportedly showed willingness to allow trade of Russian oil at discounted rates for a specific period, well informed diplomatic sources told Business Recorder. In case of Pakistan, US Embassy in Islamabad has expressed willingness to meet the officials of Petroleum Division to explain to them the mechanism to cut a short-term cut rate deal for Russian crude oil. Pakistan has already requested a deal with Russia to import wheat and oil at discounted rates. The new regime, sources said, has conveyed by the US in a…

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