Year: 2022

Cabinet Approves Restoration of 11 Cancelled Petroleum licences

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oil

The federal cabinet has approved the restoration of 11 cancelled petroleum exploration licences on the recommendation of the Petroleum Division. The cabinet met under the chairmanship of Premier Shehbaz Sharif on Thursday.During the meeting, the Ministry of Planning presented a report related to the biblical floods in Pakistan during the current year. The Post-Disaster Needs Assessment (PDNA) was conducted by the planning ministry in collaboration with the World Bank, Asian Development Bank, European Union, the United Nations, all provincial governments, governments of Gilgit-Baltistan and Azad Jammu and Kashmir, civil society,…

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Oil Prices Fall on Weakening Demand

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Oil prices fell on Thursday on the prospect of a key Canada-to-U.S. crude pipeline that shut after a leak returning to service soon, putting a hefty amount crude back into the market at the same time that global economic slowdowns raised fuel demand fears. Brent crude lost 67 cents, or 0.9 percent, to $76.50 a barrel by 1629 GMT, while U.S. West Texas Intermediate crude shed 17 cents, or 0.2 percent to $71.84. Canada’s TC Energy said it shut its giant 622,000 barrel-per-day Keystone crude oil pipeline, which is the…

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Electricity bills: PD says doesn’t want to manage tax, surcharge collection

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feeders

The Power Division has expressed willingness to do away with the role of collection of taxes and surcharges on electricity except General Sales Tax (GST) to avert criticism of consumers due to heavy bills. This intention was conveyed by the Minister for Power, Khurram Dastgir Khan at a meeting of National Assembly Standing Committee on Power during discussion on a calling attention notice of Maulana Abdul Akbar Chitrali, MNA, regarding collection of TV fee on electricity bills of mosques across the country. The mover further argued that since mosques do…

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I have been asked a few times by some of my friends about Pakistan’s offshore potential.

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It’s been a long time since I last looked into the offshore data in the BP office in London. Without getting into granularity, exploration history of Pakistan offshore in general is not much different from other successful offshore basins across the globe. It is one of the largest frontier offshore basins in the world. A common theme in all these successful basins is that the oil and gas was always there but could not be discovered due to limited subsurface understanding and technological constraints. I have seen loads of geology…

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UK condemned by its own climate advisers for greenlighting first new coal mine in three decades

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Scientists, environmentalists and even the UK government’s own climate advisers have strongly criticized its decision to approve a plan to open the country’s first new coal mine in three decades, a little more than a year after the nation tried to convince the world to ditch the filthy fossil fuel at the COP26 climate talks in Glasgow. Michael Gove, the UK housing and communities secretary, on Wednesday approved the plan to open the Whitehaven coal mine in Cumbria, a county in northwestern England that is home to the World Heritage-listed Lake District.…

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