Category: Highlights

The United States has reiterated that Pakistan can purchase oil from Russia at a discounted price even though it has not signed a Washington-backed price-cap on Russian petroleum products. US State Department’s spokesperson Ned Price told reporters at a Tuesday afternoon news briefing that Pakistan can also take advantage of the concessions Washington has given to other countries for buying oil from Russia. “So, we have encouraged countries to take advantage of that, even those countries that have not formally signed on to the price cap, so that they can…

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The Dalia offshore oilfield in Angola, which pumps 200,000 barrels per day (bpd), is set to undergo planned maintenance for more than a month beginning on February 20, a spokesperson for the operator of the field, French supermajor TotalEnergies, told Reuters on Tuesday. The maintenance, which is expected to last for 35 days, will significantly reduce oil supply from Angola to the international markets. Only 30 cargoes – an unusually low number – are set to depart from Angola in March, according to Reuters. Angola may not export any Dalia…

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Norway, Western Europe’s biggest oil and gas producer, is offering up to 92 new blocks for hydrocarbon exploration in the new round of licensing in mature areas, the petroleum and energy ministry said on Tuesday. The proposal from the ministry adds 92 new oil and gas exploration blocks in the Norwegian Sea and the Barents Sea to the best-known areas for exploration. The announcement for the licensing round will take place in the third quarter of this year, with the award of blocks expected to be announced in January 2024.…

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Things were not meant to go like this as far as Russia and Iran, and indeed China, were concerned, following the invasion of Ukraine on 24 February 2022. Within a week of that date, President Vladimir Putin’s vision ran, Russia would have secured control over its neighbour. In oil and gas terms, this would have meant the continuation and expansion of Russian gas flows into Europe through Nordstream 2 and oil shipments being increased into the south of the continent. This would also have meant that a big increase in…

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KARACHI: The price of LPG reached the mark of Rs300 per kg on Tuesday across the country, touching a new peak in the history of the country. LPG was available at Rs300 per kg with the price of domestic cylinder increasing by Rs235 to Rs3550 and the price of commercial cylinder climbing by Rs908 to reach a high level of Rs13620. Irfan Khokhar, Chairman of LPG Distributors Association of Pakistan, expressed these views while addressing a press conference at Karachi Press Club on Tuesday. He regretfully said although the fixed…

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