Category: Highlights

The EIA might be forecasting that the Permian Basin’s oil production will be rebounding soon, but overall, today’s U.S. oil production is still 2 million barrels per day below the levels seen in January 2020. The EIA’s Monthly Drilling Productivity Report is forecasting that for the nation’s most prolific basin, the Permian, production will return to 4.466 million barrels per day in May. That compares to 3.918 million bpd in May 2020—but that was hardly prior to the pandemic. In January 2020, the Permian basin’s average oil production was 4.793…

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In a first of its kind, a fast-charging unit station for electric vehicles has been installed by Tesla Industries in Islamabad, paving way for the e-vehicles to be recharged, ARY NEWS reported on Friday. The unit was inaugurated by the President of the Islamabad Chamber of Commerce Sardar Yasir Ilyas along with Tesla Industries CEO Aamir Hussain. Tesla CEO said that they have acquired the technology to develop the fast charging station for electric vehicles within Pakistan and soon between 60 to 120 of them would be installed in nine…

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Australia’s Clean Energy Council (CEC) says in a newly published paper that large-scale battery energy storage has become the best way to spread energy generated by solar and wind throughout any day, and to instantly respond to peak energy needs in the National Electricity Market (NEM) for long and short durations. The paper compares the levelized cost of energy delivered by a new 250 MW gas peaker plant with 250 MW four-hour and two-hour grid-scale batteries. It finds that overall – when various costs are calculated – that the batteries are 17%…

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China has admitted its Covid vaccines do not work well – which could explain why Chile is suffering a resurgence despite having one of the best rollouts in the world. In an extremely rare confession, the head of the Chinese Centre for Disease Control and Prevention, Gao Fu, said the jabs ‘don’t have very high protection rates’ against coronavirus symptoms. They are being used in at least 45 countries. He gave no specific details, but a University of Chile study found China’s CoronaVac jab was only 3 per cent effective in the 28…

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The Biden administration is stepping up scrutiny of China’s plans for a digital yuan, with some officials concerned the move could kick off a long-term bid to topple the dollar as the world’s dominant reserve currency, according to people familiar with the matter. Now that China’s digital-currency efforts are gathering momentum, officials at the Treasury, State Department, Pentagon and National Security Council are bolstering their efforts to understand the potential implications, the people said. American officials are less worried about an immediate challenge to the current structure of the global…

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DUBAI: Mumbai-headquartered Larsen & Toubro (L&T) has secured a contract to build the Sudair solar PV project in Saudi Arabia. The renewables arm of L&T’s Power Transmission and Distribution business has bagged the turnkey engineering, procurement, and construction contract for the Riyadh plant, which has a total capacity of 1.5 gigawatts – the biggest in the world. “The project that is coming up in Riyadh Province has a 30.8 square kilometre land parcel available to install a total capacity of 1.5GW PV Solar modules with associated single axial tracker and inverters,”…

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A year after the COVID-19 pandemic, the construction sector has shown robust growth and contributed to the revival of economic activity in Pakistan. The housing and real estate activity has taken off on the back of an incentive package and low-cost housing projects announced by the government. Till October last year, a total of 127 projects had been registered at an estimated cost of Rs.63 billion to avail the scheme. In addition, a further 114 projects worth around Rs.109 billion were also under the process of being registered. Economic revival…

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The Safety Day was observed all over the country on Thursday to highlight the issues of Electricity/Wapda workers. The Safety Day was observed under the aegis of All-Pakistan Wapda Hydro Electric Workers Union CBA for the safety of field staff working on electricity lines, grid stations and power houses. Recently, two linemen died of electrocution on Faisalabad Road sub division and Phool Nagar sub division while two members of the line staff were burnt in Sukkur and Larkana while working on 11KV line while some of the employees had become…

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ISLAMABAD: The federal government has assured the International Monetary Fund (IMF) that it will further increase power base tariff by Rs 1.39 per unit from June 1, 2021 in addition to quarterly and monthly adjustments while acknowledging that adjustments of energy tariffs brought them closer to cost recovery. This was disclosed in the second to fifth staff reviews under the extended fund facility arrangement and request for re-phasing of access uploaded on the IMF website Thursday. To strike a balance between achieving cost recovery and softening the social and economic…

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The Punjab government has decided to buy electricity from the private sector.According to the official documents, the provincial government will purchase electricity, produced from solar power, from the private firms which are currently generating 1,300 megawatts of electricity. A grid company would be set up for the distribution and transmission of the electricity after its purchase. Punjab Grid Company would purchase electricity, and it would be responsible for transmitting it to the consumers and billing. Documents tell that due to the power generated from solar energy, not only the burden…

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