Category: News & Announcement

Australia-based iron ore giant Fortescue Metals Group Ltd plans to start producing renewable energy from wind, solar, hydrogen, and ammonia in 2022 or 2023, with an ultimate goal to have as much as 236 gigawatts (GW) of clean energy capacity, founder and chairman Andrew Forrest told Bloomberg in an interview on Monday. Fortescue Metals Group, set up in 2003, currently exports 175 million tons to 180 million tons of iron ore annually, and, according to Bloomberg, the firm is the world’s fourth-largest exporter of iron ore. Fortescue Metals Group plans…

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Libya’s National Oil Corporation (NOC) will not be transferring the revenues from crude oil sales to the Central Bank of Libya until the bank adopts transparent policies on the spending of those revenues, the Libyan state oil firm said on Monday. NOC was responding to a statement from last week from the Central Bank, which, the oil firm says, provided false and misleading figures about the revenues and expenditures between January and October this year. According to NOC, the state oil firm deposited US$3.7 billion to the central bank in…

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French Total plans to increase its investments in Libya’s oil industry, the National Oil Corporation said, adding it had discussed with the company raising Libya’s production to “the highest levels.” Total has stakes in several Libyan oil fields, including the nation’s biggest, Sharara. The field, along with many others, was shut down for more than eight months this year after groups affiliated with the eastern government blockade oil export terminals, which pushed Libya’s oil output from above 1 million bpd to less than 100,000 bpd. In late September, when the…

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Australian Oil Search plans to make the final investment decision on the Pikka project in Alaska next year and launch production in 2025, chief executive Keiran Wulff told investors in a company announcement this week. The breakeven cost of Pikka has come down to $40 a barrel, but the company and its partner in the development, Spain’s Repsol, plan a further reduction to $35 a barrel by 2025. The cost of the development of Pikka is seen at about $3 billion. “While further appraisal will be required, the 2020 Mitquq…

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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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