Day: November 25, 2022

Electricity customers are getting burnt by soaring fuel prices

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electric

The prices of residual fuel oil (RFO), re-gasified liquefied natural gas (RLNG) and coal have increased from 250 percent to 300 percent in just one year, making these expensive for power generation. The price of RFO during the month of September 2022 was Rs172,000/tonne, which was Rs76,000/tonne during the same period of September 2021. Similarly, the price of RLNG was Rs4,000/MMBTU in September 2022, which was Rs1,600/MMBTU during the said period last year, while the price of coal was Rs65,000/tonne in September 2022, which was Rs20,000/tonne in September 2021. Pakistan’s…

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Tap Oil Fields, Not Our Emergency Reserves, To Lower Energy Prices

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oil

Our nation’s Strategic Petroleum Reserve (SPR) is running dangerously low. New statistics released indicate our national emergency oil stockpile, which is intended to protect the United States from unexpected and severe supply disruptions, has hit another historic low. It’s a dangerous point for the United States, and even worse, it’s self-inflicted. With these facts in mind, new reports indicate the Biden administration plans to sell oil from the Strategic Petroleum Reserve to assuage fuel prices, which was on the forefront of the mind of voters in last week’s midterm elections. According to new data released from…

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Deepwater Oil And Gas Production To Grow 60% By 2030

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Deepwater oil and gas production is set to increase by 60% by 2030, to contribute 8% of overall upstream production, according to a new report from Wood Mackenzie, as cited by Rig Zone.  Ultra-deepwater production is set to continue growing at breakneck speed to account for half of all deepwater production by 2030. In the oil and gas exploration and production (E&P) industry, deepwater is defined as water depth greater than 1,000 feet while ultra-deepwater is defined as greater than 5,000 feet. Deepwater production remains the fastest-growing upstream oil and gas…

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No oil import on discounted rates, NA told

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The government informed the National Assembly on Thursday that the country was not importing oil at discounted rates from any country, while matters pertaining to the import of oil and gas from Russia were currently under consideration of the petroleum division. During the session, chaired by Speaker Raja Pervaiz Ashraf, the members congratulated the newly-appointed chief of army staff (COAS) and chairman Joint Chiefs of Staff Committee (CJCSC) and expressed the hope that the new military leadership would amicably deal with the challenges facing the country. In a written reply…

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Oil up amid wrangling over Russian oil price cap

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Oil prices rose in Asia on Friday, despite thin market liquidity, after a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil. Brent crude futures rose by 28 cents, or 0.33 per cent, to trade at $85.62 a barrel at 0410 GMT. US West Texas Intermediate (WTI) crude futures climbed 49 cents, or 0.49pc, from Wednesday’s close to $78.43 a barrel. There was no WTI settlement on Thursday due to the US Thanksgiving holiday. Both contracts were still headed for their third…

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