Category: Highlights

Oil prices slipped on Friday, after sharp rises in the session, on concern over potential global supply disruptions from sanctions on major crude exporter Russia. The April Brent crude futures contract was down $0.33, or 0.3%, to $98.75 a barrel at 1045 GMT, after climbing to as high as $101.99. The more active May contract shed $0.4, or 0.4%, to $98.75. US West Texas Intermediate (WTI) crude were down $0.3, or 0.3%, to $92.51 a barrel, after hitting a session high of $95.64. Russia’s invasion of Ukraine on Thursday caused…

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As oil prices continue to rocket, now further helped along by Russia’s invasion of Ukraine, the Biden administration is still fighting tooth and nail to freeze new oil and gas drilling leases – even after a court ruled against the administration for using a metric to estimate “the societal cost of carbon emissions” to justify their move.  Despite the court’s ruling, Biden’s administration has stopped new leases and permits for federal oil and gas drilling, MSN reported this week.  The administration was previously prevented from using the “social cost of carbon”…

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Aramco and an international investor consortium, led by affiliates of BlackRock and Hassana, announced today the successful closing of $15.5 billion gas pipeline deal. The investors has acquired 49-percent stake in Aramco Gas Pipelines Co., a subsidiary of Aramco, according to a statement. Aramco retains the 51-percent majority stake in the company, and also retains full ownership and operational control of the gas pipeline network. The consortium comprises leading institutional investors including, amongst others, Keppel Infrastructure Trust, Silk Road Fund, and China Merchants Capital. As part of the transaction, first…

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Prime Minister Imran Khan arrived in Moscow late on Wednesday on a two-day visit to push for the construction of a long-delayed, multi-billion-dollar gas pipeline to be built in collaboration with Russian companies. Russia’s Deputy Foreign Minister Igor Morgulov welcomed the prime minister upon arrival in Moscow. He was also presented with a guard of honour. The prime minister’s trip to meet President Vladimir Putin and discuss issues including economic cooperation comes hours after a number of Western nations hit Russia with new sanctions for its military deployment into parts of eastern Ukraine. The…

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The Board of Directors of Oil & Gas Development Company Limited (OGDCL) in its meeting held on 23rd February, 2022 at OGDCL Head Office, Islamabad announced the financial results for the half quarter ended 31st December, 2021 of fiscal year 2021-22. Net sales revenue clocked at Rs.151.163 billion translating to Profit after tax of Rs. 68.882 billion and earnings per share of Rs. 16.02.The Board of Directors announced an interim cash dividend for the quarter ended December 31, 2021 @ Rs. 2.00 per share i.e. 20 percent. This is in…

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