Category: Highlights

After a series of dry wells were drilled in the Guyana-Suriname Basin from the 1960s through to the 1980s, offshore Guyana and Suriname were ignored by global energy companies. Interest was reignited by ExxonMobil’s discovery of the Liza oilfield in the 6.6-million-acre Stabroek Block offshore Guyana in 2015. That was followed by a swathe of over 30 world-class discoveries in the block, indicating the basin holds more recoverable hydrocarbon resources than the U.S. Geological Survey estimated. The USGS previously rated the sedimentary formation as the world’s second most prospective offshore basin, with…

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US President Joe Biden and Indonesian President Joko Widodo will announce a climate finance deal providing $20 billion to help Indonesia pivot away from coal power. The funding deal, brokered between the US, Indonesia and Japan, is set to be outlined Tuesday on the sidelines of the Group of 20 summit in Bali, following more than a year of talks. It is the largest single climate finance transaction ever, according to a senior US Treasury Department official. Under the package, Indonesia will commit to capping carbon dioxide releases from its…

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Chinese company, M/s CHIC Pak Power Company (Pvt.) Limited (CPPCL) is reportedly unwilling to shift proposed 300-MW power plant at Gwadar from imported coal to Thar coal, sources close to Managing Director PPIB told Business Recorder. CPPCL’s Chairman, Zhao Bo, sources said, has given reference of the latest correspondence/ discussions between two sides regarding the relocation of the 300-MW Gwadar Power Plant and LoS extension. He said that following the lenders’ due diligence on the project along with their legal counsel, the latter has briefed the former that the Letter of…

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Though the visit of Mohammad Bin Salman, the Crown Prince of the Kingdom of Saudi Arabia (KSA), has been postponed to the country, the dialogue between Islamabad and Riyadh at ministerial and experts levels has progressed to a reasonable extent for setting up an state-of the-art deep conversion mega refinery of $10.50 billion, one of the officials who were part of the talks told The News. The KSA side was asking for 7.5 percent deemed duty for 20-25 years, but Pakistan was offering 10 percent deemed duty for the first…

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Europe’s financial authorities are strengthening the oversight of the energy derivative trades used by energy firms to hedge power and gas prices as policymakers look to avoid a spillover effect of the energy crisis into financial markets. In the energy derivative market, worth trillions of euros, energy firms faced more than a trillion euros in margin calls in September, a development that could have triggered a collapse of “Lehman Brothers” proportions in the energy industry. As the energy crisis deepened this autumn, the European Commission proposed new regulations for the…

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