Category: News & Announcement

Chevron Corp, Royal Dutch Shell Plc and BHP Group all said workers were headed back to production platforms in the U.S.-regulated northern Gulf of Mexico. BHP expects to complete the return of workers to its Shenzi and Neptune production platforms on Sunday, spokeswoman Judy Dane said, adding that resuming flows will depend on how quickly pipelines return to service. It can take several days after a storm passes for energy producers to evaluate facilities for damage, return workers and restore offshore production. The companies that operate oil and gas pipelines…

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Reports indicate that Pakistani authorities held a video conference with the International Monetary Fund (IMF) mission led by Ernesto Rigo for the stalled 6 billion dollars Extended Fund Facility programme recently in which the Fund team reportedly insisted on raising power tariffs as well as achieving the budgeted tax revenue target of 4.9 trillion rupees for the current year. This comes as no surprise as the second quarterly staff review was stalled in December 2019/January 2020, because the government was unable to do the agreed time bound power sector reforms,…

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Successive official reports on Pakistan’s power sector indicate that the country suffers from a shortage of power generation, transmission losses, lack of planning and inappropriate policies leading to an escalating energy crisis. This power crisis in Pakistan is the direct result of massive institutional and governance failure in the form of reckless energy policies over the last three decades. This begs an answer to the question: what has been the impact of the investments from the China-Pakistan Economic Corridor (CPEC), with its much-touted power projects, on the energy crisis? Circular…

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ISLAMABAD: The International Monetary Fund (IMF) on Thursday again linked revival of the stalled $6 billion programme with increase in electricity prices and additional revenue measures – the two conditions that Pakistan had not fulfilled in January this year, which derailed the programme. The technical teams of the IMF and Pakistan on Thursday held discussions over the steps that Pakistan will have to take for restoring the programme, sources in the Ministry of Finance and Ministry of Energy told The Express Tribune. The discussions were held through a video link,…

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If the ongoing strike of oil workers in Norway extends for another week without a resolution, nearly 25 percent of Norway’s oil and gas production could be shut down, including output at the giant Johan Sverdrup oilfield, the Norwegian Oil and Gas Association (NOG) said on Thursday.   The association is at odds with the Lederne union, which has refused to accept a new pay deal for offshore workers, while two other unions – representing 85 percent of the offshore workforce – have accepted the deal. Lederne began a strike on September…

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