Category: Highlights

Spot prices for liquefied natural gas (LNG) delivery in Asia jumped to a six-year high this week as lower-than-normal temperatures in key LNG importers and continued growth in China’s industrial activity boost demand. Spot LNG prices for January delivery have jumped to over $12 per million British thermal units (mmBtu) as a cold snap in parts of the major LNG importers Japan, China, and South Korea raises demand for electricity and heating. Moreover, China’s industrial output continued to grow in November, also boosting demand for power.The prices of LNG in…

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Energy companies BP, Eni, Equinor, Galp, Occidental, Repsol, Royal Dutch Shell and Total have announced they have agreed on six joint principles to drive their participation in the energy transition. The oil and gas sector has a great deal of work to do to decarbonise and as the drive to net zero picks up pace, there is simply no choice but to place climate ambitions at the centre of all strategic planning. Besides the pressure from the energy transition and the growth of renewables, stakeholders also are asking for more…

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The global oil and gas industry has faced difficult times before, but the situation it confronts in 2020 is unprecedented. The short-term outlook is complex, as the erosion of demand caused by the COVID-19 pandemic has staggered an already challenged industry. The medium- and long-term outlooks are also uncertain in the context of the pressures for decarbonization, structural changes in societal habits reducing energy intensity, and abundant energy supply availability. The industry may need to reinvent itself. When the industry encountered difficulties in the past, it was able to cut…

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Pakistan’s contribution was one of the few bright spots at the recently concluded virtual Climate Ambition Summit. Prime Minister Imran Khan announced that two major coal projects would be scrapped and declared the country will have no more “power based on coal” but instead build more hydropower. However, it became quickly apparent Khan’s statement will not affect the over 7,000 MW of coal power the country has recently built or is in the pipeline under the China Pakistan Economic Corridor. The two coal power projects mentioned had already been scrapped…

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In early December 2020, ACPL concluded a multi-party agreement with PROTECH (as EPC contractor for the project), LONGi (as module supplier) and TBEA (as inverter supplier) along with Attock Energy (Private) Limited as lead consultant for erection, procurement and commissioning of the solar project. The project will be set up in Balochistan and is scheduled to commence operations in the second quarter of 2021. ACPL’s decision to partner with LONGi for its first PV power plant investment is one that was carefully considered and is therefore a clear indicator of…

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