Day: December 9, 2022

Big Oil Is Preparing To Spend A Lot More In 2023

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A couple of months ago, U.S. President Joe Biden urged energy companies to stop ‘war profiteering’ and even threatened to slap them with windfall tax if they failed to invest their profits in lowering costs for Americans and increasing production. The calls came at a time when Big Oil has been posting record profits amid high commodity and energy prices.  The majority of energy companies have avoided spending big to expand production in the aftermath of the 2020 oil crisis, prioritizing returning more cash to shareholders in the form of dividends and…

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Canada Ends Support For International Oil And Gas Projects

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Canada has officially ended its government support for international fossil fuel projects, fulfilling a commitment it made at last year’s Conference of the Parties, or COP, Ottawa said in a statement. “The Government of Canada is taking a suite of actions to achieve Canada’s climate goals,” the statement read. “These include accelerating our G20 commitment “to phase out and rationalize inefficient fossil fuel subsidies” from 2025 to 2023, and to develop a plan to phase out public financing of the fossil fuel sector, including by federal Crown corporations, in accordance with the…

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Punjab CM okays waste-to-energy project for Lahore

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Chief Minister Punjab Chaudhry Parvez Elahi okayed the production of a waste-to-energy project for Lahore while chairing a meeting with a Norwegian firm (ENATE) at his office that offered to generate 55 megawatts of electricity daily for the Sundar industrial estate from 1250 tons of solid waste. The Norwegian representative Mr. Carl Fredrik Seim told that 40 million tons of solid waste exist in Lahore, while five thousand tons of garbage is collected daily, which can be used to generate energy. The Norwegian company will, initially, invest 250 million dollars.…

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Pakistan needs climate-resilient houses: Rehman

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There is a need to design conducive policies to promote climate-resilient houses in Pakistan that can withstand floods, said Sherry Rehman, Federal Minister for Climate Change, on Thursday at the inaugural session of the First International Housing Expo ‘22 organised by the Ministry of Housing and Works by Islamabad Chamber of Commerce and Industry (ICCI). “The recent floods have brought huge devastation to Pakistan, destroying millions of houses and causing a loss of over Rs1.2 trillion. Therefore, it is crucial that the government focus on making new policies to promote…

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Cap lifted on oil exploration work in 11 blocks

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The federal cabinet on Thursday removed the hurdle on the restoration of petroleum exploration activities in the country, green-lighted transit trade with Tajikistan and received the “post-disaster needs assessment (PDNA)” report on the devastating floods. The cabinet, which met with Prime Minister Shehabz Sharif in the chair, approved the restoration of 11 petroleum exploration licences on the recommendation of the Petroleum Division. The decision will pave the way for exploration activities in the country. Media reports claimed that the government had decided to revive the revoked licences as an out-of-court…

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