Category: Highlights

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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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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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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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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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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ISLAMABAD: The World Bank (WB) is preparing a new Country Partnership Framework (CPF) for the next five years from fiscal year 2022 to 2026 with possible portfolio of $10 to $12 billion for different sectors of economy of Pakistan. The Pakistani authorities are expecting that the World Bank Group will extend lending of around $12 billion for five years period under the CPF. “Although, the WBG has not officially communicated the exact size of portfolio but it should be around $12 billion,” a top official of the PTI led government…

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ISLAMABAD: The Federal Government and Karachi Electric (KE) teams are said to have failed to evolve a consensus on course of action to resolve receivables/ payables dispute, well-informed sources in Power Division told Business Recorder. Power Division summoned the KE top brass to convey the Prime Minister’s message to them that no further delay will be accepted in resolution of issues, which are hindering the sale-off of 66.4 per cent stake of M/s Abraaj to Chinese company, M/s Shanghai Electric Power (SEP). The dispute between the KE and the government…

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KARACHI: The country lost Rs122 billion in last two years due to delayed on spot LNG purchase and production of expensive power through furnace oil, inflicting a colossal sense of foreboding and frustration among the nation. This was stated by Shahzeb Khanzada in his Monday’s episode of ‘Aaj Shahzeb Khanzada Kay Sath.’ Khanzada said due to the failure to contract LNG purchase through futures market, the people not only suffered acute shortages of the heating and cooking fuel in the intense winter, the country on the other hand lost Rs35…

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Pakistan’s federal government is planning to build modern cities on the Bundal and Dingi islands, which could ease pressure on Karachi, the country’s financial hub. Experts say it would be an ecological catastrophe. The government’s decision to establish the Pakistan Islands Development Authority and bring the Bundal and Dingi islands off the Karachi coast under federal authority shocked Majeed Motani, a 70-year-old fisherman. “Our forefathers came to these islands centuries ago. Now, the government is trying to occupy them. It is a threat not only to our livelihoods but also…

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When Jim Clayton* still worked in a coal mine, he would head to a nearby bar to settle his accounts. The pub effectively became his office. When after 22 years in the industry he quit his job and decided to run the pub instead, it was easy to choose a new name for the place. These days, The Office has become a hangout for many of those earning a living in the coal, oil and gas industry in northeastern Wyoming. The Office is situated along a thoroughfare just north of Gillette, the self-declared…

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