Year: 2022

Biden’s Trip To Saudi Arabia Won’t Solve The Oil Market’s Problems

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When news broke last week that President Biden was planning a Middle East visit that would include Saudi Arabia, many an industry observer saw in this signs of “thawing” relations between Washington and Riyadh. They also saw the prospect of lower oil prices. It was, after all, to lower prices that Biden was planning this visit. Unfortunately, things are never that simple. While it is a nice thought that a single visit to Saudi Arabia could convince them to open the oil taps and send prices falling, the reality is…

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The Most Exciting Oil Frontier On Earth

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After two years of regular oil discoveries in Guyana, it seems its deep waters may hold even more crude, adding to its reputation as the next big oil-producing state. But the government will have to get its agreements in order if it wants to ensure the future financial security of the country, as major international players swoop in to reap the rewards. Guyana is home to the largest oil discovery in the last two decades, after Exxon Corp made several more finds in the offshore Stabroek block last year, bringing…

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PAC seeks details of power purchase deals with IPPs by ex-govts

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powertariffs

The Public Accounts Committee (PAC) on Wednesday sought power purchase agreements with Independent Power Producers (IPPs) signed by previous governments. Noor Alam Khan chaired the meeting of the committee which examined the Audit Report of the Cabinet Division for the year, 2019-20. The chairman committee said the tariff on electricity came down when demand increased but in Pakistan, the position was the opposite. He asked how they would run the industry without the supply of electricity. Chairman and Members committee complained about the load-shedding and the inflated electricity bills. National…

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Pakistan Cuts Work Week Amid Severe Energy Crisis

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Pakistan is reverting back to a five-day work week in an effort to reduce energy and fuel consumption as its energy crisis worsens in the very hot summer months. The new government of Pakistan—whose population is the fifth largest in the world after China, India, the United States, and Indonesia—introduced a six-day work week in April to increase productivity. But as rolling blackouts continue amid an energy shortage, Pakistan is now going back to the five-day work week, government officials said this week. “We are facing a severe crisis… We…

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Local oil, gas output drops in July-May

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oil

The production of oil and gas dropped 2.5 percent and 3.7 percent respectively in the first eleven months of this fiscal year, The News learnt on Wednesday, mainly owing to eroding reserves and suspension of pumping at some fields for yearly overhaul According to the data obtained by The News, indigenous crude oil output fell to average 73,668 barrels per day in July-May of current fiscal year compared to the average 75,548 barrels per day the country produced in the same months of the last year. The production of oil…

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