Year: 2022

Eyeing multifield growth in demand for renewable energy in Pakistan, a family-owned power firm says it has successfully raised advanced level ‘Series-A’ investment to kickstart local production of solar panels from the second half (July-December) of 2023. The firm is setting up the plant through the transfer of technology from Turkiye at an initial investment of $3.5 million in phase one of the project. The company said it will formally announce the size of the privately raised investment in the presence of the local financier in the next couple of…

Economic weakness caused by global reserve banks’ tightening and high winter heating bills will bring oil to $50 per barrel. But it won’t stay there for long. With the price of crude oil currently hovering around $75 to $80 per barrel, many pundits believe $100 oil is right around the corner. History, however, doesn’t support such a view. After large oil price shocks like the one that came in the first half of this year with Russia’s invasion of Ukraine, the price of oil tends to fall substantially over the…

Demand for offshore rigs for overseas drilling has soared this year even as U.S. oil-rig growth has plateaued. According to Baker Hughes, there are now 622 oil rigs operating in the U.S., down from the 683 in operation in March of 2020 at the onset of the pandemic and unchanged from six weeks ago. This has caused day rates to skyrocket and the stocks of drilling contractors to soar with Transocean Ltd. (NYSE: RIG) up 49.7% in the year-to-date; Valaris Ltd. (NYSE: VAL) has rocketed 75.1% while Noble Corp. Plc (NYSE: NE) has gained 45.1%. In sharp contrast, demand…