Category: Highlights

It’s been two years since British oil and gas supermajor BP Plc. (NYSE: BP) dramatically declared that the world was already past Peak Oil demand. In the company’s 2020 Energy Outlook, chief executive Bernard Looney pledged that BP would increase its renewables spending twentyfold to $5 billion a year by 2030 and “… not enter any new countries for oil and gas exploration”. That announcement came as a bit of a shocker given how aggressive BP has been in exploring new oil and gas frontiers. When many analysts talk about Peak Oil, they are usually referring to…

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Windfall taxes, power rationing, and price caps on imported gas: these are the main ideas the European Union has produced as it struggles to contain an energy shortage that has spiraled out of all reasonable proportions. The block has managed to fill its gas storage ahead of the deadline and above target levels, and this is perhaps the only piece of good news this year. The EU has also managed—voluntarily and not so voluntarily—to reduce its gas imports from Russia from 41 percent to 9 percent. It has paid a…

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World Bank (WB) is likely to allow 22 months extension on the closing date of the $425 million National Transmission Modernization I project (NTMP-1) to regulate delays on different accounts. The World Bank’s Country Director, Najy Benhassine in a letter to Secretary Economic Affairs, Dr Kazim Niaz has shared the Aide Memoire of the World Bank team that conducted a Mid Term Review (MTR) and implementation support mission for the NTMP-1 held during the period of June 27-July 7, 2022. The objectives of the mission were to: (i) review the…

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RWE and the United Arab Emirates’ (UAE) state-owned ADNOC agreed to a multi-year supply contract for liquefied natural gas starting in 2023, the firms disclosed. As a part of that memorandum of understanding (MOU), ADNOC is expected to ship a 137,000 cubic meter LNG cargo to Germany which should arrive in the last weeks of the year. The cargo could also be the first unloaded at Elbehafen LNG, currently under construction at the coastal port town of Brunsbüttel, near Hamburg, Germany. Elbehafen LNG will operate one of the two floating…

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The UN has warned that people living near oil fields, where gas is openly burned, face heightened risks of leukaemia, and that it has classified such areas as “modern sacrifice zones.”Singling out sites in Iraq for gas flaring — a process of burning gas released by oil drilling that produces cancer-linked pollutants including CO2, methane and black soot — the UN said profits have been prioritized over human rights, noting Britain’s BP and Italy’s Eni as working these sites.David Boyd, UN special rapporteur on human rights and the environment, told…

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