Year: 2023

Sui gas providers asked to effectively address public complaints

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Federal Ombudsman Ejaz Ahmad Qureshi has directed gas providing agencies including Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company Limited (SSGCL) to make a more responsive and effective mechanism to deal with people’s complaints. He was presiding a high-level meeting to discuss the working of gas companies and their administrative arrangements to address citizens’ complaints. The meeting was attended by the Secretary (Petroleum) retired Capt Mohammad Mahmood, chairman of Oil and Gas Regulatory Authority (Ogra) Masroor Khan, SNGPL Managing Director Ali Javed Hamdani, SSGCL Managing Director Imran…

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Govt steps back from agreed condition with IMF by reducing PL

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The Premier Shehbaz led Federal Government has stepped back from the agreed condition with the International Monetary Fund (IMF) by reducing Petroleum Levy gradually due to political gains. The Shehbaz Government had agreed with the IMF to collect Rs850 billion during the current fiscal year by gradually enhancing Petroleum Levy to Rs50 per litre up to April 2023 to revive the stalled loan program. According to the Finance Ministry, the government has collected Rs47.4 billion (5% of total estimated target) PL during the first three months. Sources said that the…

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IEA welcomes Russia’s plan to export gas to Afghanistan

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The Islamic Emirate of Afghanistan’s (IEA) Ministry of Industry and Commerce (MoIC) has welcomed Russia’s suggestion that it will export gas to Afghanistan and Pakistan. The ministry said in a statement on Saturday that the Islamic Emirate is fully committed to positive economic relations with all countries and has already provided the ground for regional connectivity. “The Islamic Emirate welcomes the statements of the Russian Deputy Prime Minister Alexander Novak, who said that Russia wants to export its natural gas to Afghanistan and Pakistan,” read the statement. The statement also…

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Can Global Oil Production Climb If The U.S. Shale Boom Is Over?

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oil

Prior to the pandemic-induced downturn in world oil production, U.S. oil production growth was responsible for 98 percent of the increase in world production in 2018 (as reported in 2019). Almost all of that growth resulted from rapid increases in shale oil production which accounted for 64 percent of U.S. production (as of 2021). Fast forward to today when Oilprice.com has declared that “The U.S. Shale Boom Is Officially Over.” The reasons cited mostly have to do with management “discipline” regarding capital expenditure in favor of shareholder payouts and complaints…

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Another year of uncertainty ahead for O&G sector

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THE oil and gas (O&G) sector is expected to run into twin headwinds this year, characterised by the volatility in the energy market and the slowdown of the global economy.  One bright spot for Malaysia is Petroleum Nasional Bhd (Petronas) and the overall positive sentiment towards  its activities for 2023-2025, as well as the national oil giant’s third-quarter net profit which almost doubled to RM30.8 billion from the RM16.3 billion reported in 2021.  In its Activity Outlook report for 2023-2025, Petronas high- lighted that uncertainty in the energy market is still…

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