Only 36% Of Russia’s Oil Reserves Are Profitable

Only 36 percent of Russia’s recoverable crude oil reserves can turn a profit in the current market, Deputy Energy Minister Pavel Sorokin said in an article for Energy Policy magazine. Russia’s recoverable oil reserves stand at some 30 billion tons or 219.9 billion barrels. This means that the profitable portion comes in at about 79.16 billion barrels. This is still quite a bit of oil that can be profitable under current market conditions. However, Sorokin lists a number of technical, rather than purely economic, problems with the development of these…

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CASA-1000 would contribute towards energy security & cross border import and export of electricity: Omar Ayub

Islamabad, January 27,2021: Federal Minister for Energy Mr. Omar Ayub Khan and President of Islamic Development Bank (IsDB), Dr. Bandar Hajjar inaugurated the construction of the 113 kilometer electricity transmission lines from Pak-Afghan border to Nowshera under the South Asia Central Asia Regional Trade and Transmission Project (CASA-1000) in a virtual event. Federal Secretary Power Division, Mr. Ali Raza and senior officials of Power Division, representatives of development partners, UN agencies, & other key stakeholders also witnessed occasion. Speaking on the occasion, the Minister for Energy, appreciated the efforts of…

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Pakistan LNG Limited.

Islamabad, January 27, 2021: PLL issued a tender (PLL/IMP/LNGT30) for 3 spot cargoes for March on 16 December 2020 and opened the bids on 15 January 2021 with bid opening to delivery ranging from 53 to 66 days. It received multiple bids for all cargoes but decided not to award considering the rapidly changing supply and demand position. PLL issued an urgent tender (PLL/IMP/LNGT34) for similar delivery windows on 21 January 2021 with an average of 44 to 57 days from bid opening to delivery. The shorter lead time tender…

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ECC likely to approve allocation of gas from Mari Petroleum wells to SSGC

ISLAMABAD: The federal cabinet’s Economic Coordination Committee (ECC) is likely to approve the allocation of around 22 million cubic feet per day (mmcfd) gas from three different gas fields of Sujawal block to the Sui Southern Gas Company Ltd (SSGCL). According to sources, the Petroleum Division has request the committee to approve the allocation of up to 15mmcfd gas from Sujawal-1, up to 3mmcfd has from Sujawal-X-1 and up to 4mmcfd gas from Aqeeq-1 to SSGCL. It may be noted that Mari Petroleum Company Ltd (MPCL) had made discoveries (Sujjal-1, Sujawal…

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Qatar Offer Lowest for March LNG Cargoes in Pakistan Tender

Pakistan LNG received lowest offers from Eni and Qatar Petroleum for three shipments in March sought in latest tender, according to traders with knowledge of the tender. Offers were submitted as a percentage of Brent oil price Eni offered 13.6157% for cargoes to be delivered on March 11-12 and on March 18-19 QP offered 12.7310% for cargo to be delivered on March 24-25 NOTE: Pakistan LNG on Jan. 22 issued a tender for the three cargoes, bids were due on Jan. 26 In mid-January, Pakistan LNG received offers in another tender for three March…

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Pakistan troubled by too much electricity after decade of power shortages

Pakistan is now faced with a new and unfamiliar problem of too much electricity generation capacity after spending decades tackling power shortages, Bloomberg reported. After having too many coal and natural gas-fired plants built – most financed under the Belt and Road Initiative, launched by Chinese President Xi Jinping in 2013 – within a short span of time, Pakistan found its power supply to have been flipped to a surplus last year. According to prime minister’s special assistant on energy, Tabish Gauhar, the country is set to have as much…

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OMCs, dealers’ margins: Another hike in petrol, diesel prices on the cards

ISLAMABAD: After recent surge in power tariff by Rs1.95 per unit and twice increase in prices of petroleum products in the current month, January, now the government is set to further increase the prices of petrol by Rs1.03 to whopping Rs110.23 per litre and diesel (high speed diesel) by Re0.95 per litre to Rs114.14 per litre. The Petroleum Division has submitted a summary to the Economic Coordination Committee (ECC), scheduled to meet on Wednesday (today), seeking the raise in margins of oil marketing companies (OMCs) on motor spirit (petrol) by…

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Pakistan gets up to 38pc lower LNG rates through revised bids

ISLAMABAD: Amid falling international market, Pakistan on Wednesday received significantly cheaper bids for three cargoes of liquefied natural gas (LNG) to be delivered in March under an urgent tendering process. The state-run Pakistan LNG Limited (PLL) had last week cancelled bids for LNG deliveries in March for three windows as prices in the international spot market started to crash. For replacement, the PLL went for a revised urgent tender on January 22 with deadline of January 26. The revised bids attracted 26 to 38 per cent cheaper rates when compared…

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Government mulls over establishing EV board

The government is considering establishing a separate electric vehicle (EV) board, similar to the Engineering Development Board (EDB), in a bid to promote environment-friendly vehicles in the country. In that regard, Federal Minister for Science and Technology Chaudhry Fawad Hussain met Prime Minister Imran Khan to discuss his ministry’s role in promoting EVs in Pakistan. He apprised the premier of the stance taken by his ministry along with many other ministries for setting up a separate board for EVs, which was an immediate requirement for the success of battery-powered transport…

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Some economic indicators worsen

Some of the major fiscal and external sector economic indicators of Pakistan deteriorated in the first half of current fiscal year, but authorities believe that economic recovery will still continue, albeit, at a slower pace. The finance ministry on Tuesday released its monthly Economic Updates and Outlook report for January. The ministry used a mix of five and six-month indicators. The monthly bulletin showed that Pakistan’s budget deficit widened over 21% in absolute terms, exports decreased 4.8%, foreign investment dipped 72% and agriculture sector credit shrank 2.4%. On the other…

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