Category: Highlights

Denmark will stop extracting oil from the North Sea in 2050, the Danish government has said, adding it would cancel its eighth licensing round, announced earlier this year. The round failed to attract much attention, anyway, with just one applicant expressing interest after French Total withdrew, Reuters noted in a report on the news. Denmark is not a particularly large producer of oil and gas, with its average daily output this year estimated at 83,000 bpd of oil and 21,000 of oil equivalent. Yet it is the largest in the European Union, which excludes…

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Oil prices rallied on Friday morning as OPEC+ finally came to a compromise, with the group unanimously agreeing to add 500,000bpd to January quotas. For Global Energy Alert members there are now two new free reports available in your dashboard. The first of these reports is on how to interpret stock charts and the second outlines the three biggest mistakes made by traders today. Make sure you become a member to read these reports and many more. Friday, December 4th, 2020 Oil prices rose after OPEC+ agreed to partial increases in production beginning in January, preventing a breakdown…

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The Public Investment Fund, the sovereign wealth fund of the world’s largest oil exporter Saudi Arabia, has contacted international banks for a loan of up to US$7 billion to use for new investments, Bloomberg reported on Thursday, citing sources with knowledge of the plans. The Public Investment Fund (PIF), as the wealth fund is officially known, aims to be one of the world’s biggest sovereign wealth funds through investments in and outside Saudi Arabia. It is also a key investment vehicle for the Saudi plan to diversify its economy away…

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ISLAMABAD: The Federal Cabinet has granted “explicit” approval to the Memoranda of Understanding (MoUs) signed between four dozen Independent Power Producers (IPPs) and Government of Pakistan (GoP) to be converted into agreements, well-informed sources told Business Recorder. The government’s team has already started talks with the IPPs on the language of draft agreements aimed at finalising the pacts for final approval of the Cabinet. However, disagreement was witnessed between the IPPs and the government’s team on mode and duration of payment. On November 26, 2020, the CCoE was informed that…

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ISLAMABAD: In line with the prime minister’s promise to the small & medium industries, the National Electric Power Regulatory Authority (NEPRA) has decided to decrease industrial tariff by Rs4.96 per unit. According to NEPRA, the commercial electricity price for small industries has been reduced from Rs12.96 to Rs8 per unit, effective from November 1, 2020. The new tariff, which is for entire country except Karachi, will be applicable for a period of eight months, till June 30, 2021. Sources in the power sector informed that NEPRA has forwarded its decision to…

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