Category: News & Announcement

The federal government has decided to set up Pakistan Petroleum Exploration and Production Authority as part of its plan to introduce reforms in the oil and gas sector. Presently, the energy ministry enjoys both the powers of policymaking and regulation. The government primarily aims to separate the two and restrict the energy ministry’s role to policymaking only, whereas the said authority will have the role of regulatory powers. The new authority is planned to be established by 2022. According to sources, the need for the authority surfaced after several foreign…

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Turkey’s renewable energy capacity has registered a remarkable surge over the last decade, with a steady increase of 11% per year amid a 7% annual capacity rise in other fuels for power generation, Deputy Energy and Natural Resources Minister Alparslan Bayraktar said Thursday during his remarks at a renewable energy conference in Istanbul. Turkey’s installed power capacity was calculated at a total of 91,267 megawatts (MW) by the end of last year, while only around a decade ago, the country possessed only 15,500 MW in renewable capacity. “The installed capacity…

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ISLAMABAD: The Finance Ministry, apparently to ensure reduction in the prices of local oil and gas, has advised the Petroleum Division to change the pricing formula of oil and gas production companies by delinking the price with dollar, Pakistan Today has learned. According to sources, the Finance Ministry wanted to reduce the prices of local oil and gas by linking the price of local oil and gas production with Pakistani rupees. They said the proposed change in oil and gas production policy would cause adverse effecton the production of local oil and gas…

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Oil prices were set early on Friday for their first weekly gain since early January as the market shook off the coronavirus panic and hoped for a Chinese stimulus in case the virus outbreak considerably slows down the economy. At 8:05 a.m. EST on Friday, WTI Crude prices were up 1.34 percent at $52.11, and Brent Crude traded up 1.42 percent at $57.15. Both benchmarks were on track for their fourth consecutive session of gains, which, if realized at close of Friday trade, would be the longest streak of oil price gains so far this…

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Baker Hughes reported that the number of oil and gas rigs in the US held fast yet again this week at 790, with the total oil and gas rig falling 261 over the last 52 weeks. The number of oil rigs increased for the week, by 2 rigs, according to Baker Hughes data, bringing the total to 678—a 179-rig loss year over year. The total number of active gas rigs in the United States fell by 1 according to the report, to 110. This compares to 194 a year ago. …

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