Category: News & Announcement

The issue of power purchase, and when it is made, has come up before. Recently, PSO said that it bought additional furnace oil to meet a shortfall by K-Electric in Karachi, so that the people of Karachi would not suffer. The question, however, is why furnace oil was bought when a few months before in August and September, LNG was available at far lower costs. Purchasing it at that point and using it in the future could have saved the country millions of rupees. The Ministry of Energy has denied…

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Energy is an essential ingredient of socio-economic development and economic growth. Over the past two years the PTI government which came to power on the promise of increasing economic development has made large strides in ensuring an enhanced supply of commercial energy. Currently Pakistan produces a total of 33,961 MW of energy. Over half of Pakistan’s generation capacity is met by Punjab which is responsible for producing 16,322 MW and consumes 70% of all electricity produced within the country. Punjab’s current electricity consumption lies around 16,915 MW and is projected…

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Oil production in Libya has already exceeded 1.2 million barrels per day (bpd), a source in Libya’s oil industry told Reuters on Friday, while this faster-than-expected output resumption could give OPEC+ yet another reason to reconsider its current plan to ease the ongoing cuts by 2 million bpd from January. Libya’s oil production has now reached 1.215 million bpd, the source told Reuters. Production in Libya started to rise in the middle of September after the self-styled Libyan National Army (LNA) of General Khalifa Haftar lifted the eight-month-long blockade on…

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Michigan’s Governor Gretchen Whitmer and the director of the state’s Department of Natural Resources have revoked Enbridge’s easement for the operation of the twin Line 5 pipeline, citing repeated violations of the easement and the need to protect the Great Lakes. “The state is revoking the easement for violation of the public trust doctrine, given the unreasonable risk that continued operation of the dual pipelines poses to the Great Lakes,” an official statement said. “Moreover, the state is terminating the easement based on Enbridge’s persistent and incurable violations of the…

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The five largest producers of crude oil in Africa face a combined production decline of 19 percent as a result of the pandemic’s effect on oil demand and the acceleration of energy transition efforts, according to a new report by PwC. The Africa oil and gas review 2020 notes that the pandemic has caused the worst oil industry crisis in history and that oil demand will likely never recover to pre-pandemic levels. This demand loss will also drive lower revenues for oil exporters, the authors of the reports said, helped…

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