Year: 2023

NEPRA FCA decision: Power Div proposes revision

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Power Division has proposed revision in National Electric Power Regulatory Authority (Nepra) FCA decision/ notification by way of policy guidelines to recover the pending amount of Rs52 billion from electricity consumers and Rs 10.34 billion as an additional supplementary grant to cover waiver of electricity bills. Power Division in its summary to the ECC has explained that Fuel Charges Adjustments (FCA) are determined by Nepra as per section 31(7) of the Nepra Act on monthly basis. As per the existing tariff methodology, Power Purchase Price billed to consumers is subject…

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Ghani warns of violent reaction to hours-long power outages over billing issues

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electric

Sindh Labour and Huaman Resources Minister Saeed Ghani has warned that power consumers would show a violent reaction in Karachi if entire localities were deprived of electricity for a prolonged period of time on account of non-payment of power bills. He issued the warning on Tuesday while chairing a meeting along with Karachi Commissioner Muhammad Iqbal Memon on Tuesday to sort out the electricity outage and water shortage issues in areas in his constituency PS-104 in District East. The meeting was attended by senior K-Electric officials and newly elected local…

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Russian Oil Companies Told To Comply With Ban On Oil, Oil Product Exports

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Russian Prime Minister Mikhail Mishustin has signed an agreement demanding that all Russian oil companies comply with a previous order that disallows any exports of Russian crude oil or crude oil products to any buyer that adheres to the price cap mechanism. It should be noted that Russian companies failing to comply will face no penalties, according to Upstream. Mishustin’s resolution, signed this week, bans Russian oil producers from signing sales contracts with any buyer engaged in the price cap clause imposed by the G7. The resolution calls on producers…

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BP Taps Deep Gas Reservoirs In Azerbaijan’s Caspian Sea

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UK oil giant BP has started drilling two new exploration wells to search for gas deep beneath the Caspian Sea. The announcement comes as Azerbaijan imports gas from Iran and Russia to meet both growing domestic demand and existing export contracts. Baku has also pledged to double exports to Europe within five years. One of the wells will reach a depth of 7,000 meters, BP said this month, to tap a gas reservoir believed to lie below the existing Shah Deniz gas field, which currently provides the bulk of Azerbaijan’s gas…

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UK Oil Boss: Fighting Windfall Tax Led To Missed Opportunities

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The UK’s oil and gas industry should have taken the chance to invest in new projects instead of fighting the windfall tax, the boss of a North Sea oil and gas producer has said. Steve Brown, chief executive of Orcadian Energy, told City A.M. that the Energy Profits Levy (EPL) created a “big incentive to invest” with the 91 percent tax relief for fossil fuel producers prepared to develop new projects in the North Sea. This includes Orcadian’s proposed Pilot development in the central North Sea, which is projected to produce up to 79m…

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