Category: Recent Post

The E&P sector’s production of crude oil and natural gas has been declining in recent years due to depleting reserves and discoveries smaller in size. E&P sector’s production flows in 2QFY21 continued to fall with around 6 and 4 percent fall in oil and gas production year-on-year, respectively. Crude oil production during 1HFY21 fell by around 6 percent year-on-year, while gas production declined by 3 percent year-on-year. Decline in production flows along with falling crude oil prices is a key factor for falling revenues in the E&P sector. Oil prices…

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wo major industries around the world – arms and energy – have continued to dominate for a long time and have driven diplomatic and strategic relations between different countries. Energy diplomacy leads to interdependence on each other. Energy trade is not only confined to commercial business but it also provides opportunities for countries to expand their footprint in foreign markets. Traditionally, the oil lobby has been powerful around the world for decades. However with changing energy dynamics, a liquefied natural gas (LNG) lobby is emerging rapidly as several countries are increasingly using LNG as…

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Pakistan Point News – 24th Feb, 2021 ) :Federal Minister for Power Division Omar Ayub Khan on Wednesday said the government plans to open the energy market for the competitive bidding process to be initiated this year soon after the approval of Indicative Generation Capacity Expansion Plan (IGCEP). Addressing Financial Closure ceremony of 250 MW solar power projects, the minister expressed the hope that with the addition of clean and cheap renewable energy (RE) generation, they would be able to achieve the strategic objectives of affordable electricity for all whereas…

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As international oil prices rise rapidly, Pakistan needs to gear up to face the economic challenges that it would trigger. This spike in the global oil prices is likely to result in a surge in inflation, a high import bill and an enlarged fiscal deficit. The international benchmark crude oil Brent was up $1.06, or 1.6%, at $65.30 a barrel by 0204 GMT, after earlier hitting a high of $66.38. US crude rose 81 cents, or 1.4%, to $62.51 a barrel, after hitting a session high of $62.73. Both benchmarks…

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ISLAMABAD: The disagreement among the Ogra members and its functionaries is pushing the future of flare gas to the danger zone as various sectors of economy, including CNG sector, want to use the commodity knowing the fact the country sustains annual losses of $109.5 million because of failure to use flare gas after its proper treatment. This was stated in a letter by Member Gas on February 11, 2021 to the-then acting chairman (member finance) and member oil. The Member Gas said: “Confusion on the issuance of flare gas licenses…

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