Category: Highlights

Under the UN Framework Convention on Climate Change, the government has agreed that, by 2030, of the total number of new car sales in Pakistan, 30% will be Electric Vehicles (EV) running on renewable energy whereas this number will rise to 90% by 2040. The same is planned for the uptake of EVs in two and three wheelers, and heavy transport vehicle categories. The first ever “National Electric Vehicles Policy” (NEVP) of Pakistan was drafted in 2019 which spells out these targets. Spearheaded by the Ministry of Climate Change, this…

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Energy companies and governments are picking up the pace of the development of tidal energy operations in 2023, as countries worldwide look to diversify the renewables mix in a response to growing energy insecurity. Tidal power, a long-neglected green energy option, has finally gained greater traction in recent years, as governments look for innovative ways to meet their climate targets over the coming decades. This year, several countries have big plans for new tidal power projects, which will see the world’s tidal energy capacity grow significantly.  The global wave and…

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Last year, against all odds, Russia managed to grow its oil output despite being hit with tough sanctions, a plethora of oilfield service companies exiting the country as well as the refusal by western countries to buy its crude for the most part.  Indeed, Energy Intelligence reports that in 2022, Russia’s crude and condensate production increased 2%, with oil production clocking in at 10.73 million b/d, above Russia’s ministry for economic development forecast of 10.33 million b/d.  Russia managed to pull off this feat mainly by offering huge discounts to…

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US natural gas futures fell about 3% to a 25-month low on Friday on forecasts for less cold weather and lower heating demand over the next two weeks than previously expected. That put the gas contract on track to drop over 63% over the past seven weeks, its biggest seven-week collapse in history after weather in the US Lower 48 states was the second warmest on record in January with an average temperature of about 41.8 degrees Fahrenheit (5.7 Celsius). The warmest January on record was in 2006 when the…

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Venezuela’s Paraguana refinery complex is soon to begin a 100-day overhaul to reclaim its crude distillation capacity, anonymous Reuters sources suggested on Friday, with work set to be completed as a joint effort by Venezuela’s PDVSA and National Iranian Oil Refining and Distribution Company (NIORDC). Iran’s assistance with Venezuela’s Paraguana Refining Center—the nation’s largest—looks to ease Venezuela’s reliance on U.S. refinery technology. Over the past decade, Venezuela’s oil industry has crumbled due to mismanagement, corruption, and a lack of investment in maintenance, and U.S. sanctions on Venezuela’s oil industry and…

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