Pakistan opens bids for 20 onshore petroleum exploration blocks

ISLAMABAD: Pakistan has opened bids for 20 onshore petroleum exploration blocks, the government said in statement on Friday. “The minimum investment to be carried out by the exploration and production (E&P) companies in these blocks for prospecting will be over $71 million in three years,” a statement from the petroleum division said. The move to grant licences for discovery comes after a gap of several years as the country is facing depleting gas reserves, a rising domestic shortage and increasing reliance on imported liquefied natural gas (LNG).

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OGRA grants licences to two virtual pipeline firms

ISLAMABAD: In a new development, Pakistan’s private sector is going to introduce an innovative concept of virtual pipelines through cryogenic bowzers. Currently, Pakistan has two floating liquefied natural gas (LNG) terminals in Karachi with handling capacity of around 1.3 billion cubic feet per day (bcfd) of LNG. With the new concept of virtual pipelines, the government will open up the LNG market for the private sector to ship gas through such pipelines. Under this project, the private sector will not have to lay pipelines for gas transport. In a move…

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Washington Extends Citgo Protection From Creditors

The U.S. government this week extended the term of a protection measure against Citgo creditors until July next year, Reuters has reported, noting the measure effectively bars creditors from taking shares in Citgo as repayment for a bond that matured on October 27 this year. The bond was issued by Citgo’s parent company, Venezuela’s PDVSA, operating through a U.S.-based entity. Half of Citgo’s U.S. parent’s shares were used as collateral for the debt, sparking outrage among Venezuela’s opposition members, led by Juan Guaido, who tried to take control of the refiner…

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Faltering Oil Demand Is Wreaking Havoc On The Tanker Industry

Tanker owners had a blast in the spring: nations around the world went into lockdown, oil demand slumped, and hundreds of millions of barrels of excessive supply had to be stashed somewhere—offshore. Now, tanker rates are plummeting, and while industry insiders believe there is a light at the end of the tunnel, it is a long tunnel. The tanker market is in “cash burn mode”, said the chief executive of Diamond S Shipping, as quoted by Lloyd’s List. The amount of oil in floating storage has fallen significantly since this…

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K-Electric selects Oracle Cloud to automate material planning, delivery allocation

K-Electric, the sole electricity provider in the country’s business capital, Karachi, and nearby districts, has selected Oracle Fusion Cloud Supply Chain and Manufacturing (Oracle Cloud SCM) to automate its demand management and supply process for over 600 components of power distribution equipment.  This deployment will contribute to K-Electric’s mission to deliver uninterrupted, safe, and affordable power to Karachiites, as the new cloud offering can provide accurate forecasts to improve efficiency, reduce operational costs, and help enable K-Electric to respond quickly to increased power demand.  K-Electric will deploy Oracle Cloud SCM,…

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US Election 2020: Time for US to unite, President-elect Biden says

The BBC projects that Mr Biden has won the key battleground of Pennsylvania, propelling him over the 270 electoral college vote threshold required to clinch the White House. The Trump campaign has indicated their candidate does not plan to concede. Mr Biden said it was now time for America to “unite and heal”. “With the campaign over, it’s time to put the anger and the harsh rhetoric behind us and come together as a nation,” he said. Record turnout in the face of “unprecedented obstacles”, he said, showed democracy “beats…

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Man who correctly predicted US election winners since 1984 predicts Trump’s defeat

Historian and American University professor Allan Lichtman, who has correctly guessed every United States presidential race winner since 1984, including Donald Trump’s surprise victory in 2016, has predicted that Trump will not get another term. Lichtman measures the chances of the winner based on his “13 keys to the White House” scale. The keys factor in the strength of the economy, incumbency, contests, policy changes, scandals, social unrest and even the charisma of the incumbents and challengers. As per the scale, if six or more of these statements are true,…

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Wind farm plan adds solar and battery energy storage in the Tri-Cities

BENTON COUNTY, Wash. – Scout Clean Energy (“Scout”), announced plans to add solar and battery storage components to a proposed wind farm that would be located just south of the Tri-Cities in Benton County, Washington. The innovative development will combine wind energy, solar energy, and battery energy storage in the same location – making more renewable energy available to customers during lower wind periods, and for short durations when the sun is not shining, and the wind is not blowing.  “Throughout the development process, our team has been diligently examining…

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Unutilized capacity of government LNG Regasification Terminals to be auctioned

ISLAMABAD: The government has decided to auction unutilized capacity of LNG Regasification Terminals not under government’s use on a short-term basis, Business Recorder reported on Wednesday. Currently two LNG Regasification Terminals are operational, one each under Sui Southern Gas Company Limited (SSGCL) and Pakistan LNG Terminals Limited (PLTL). While SSGCL terminal is operating near capacity, the PLTL terminal is under-utilized with an average utilization of only 51 percent in 2019-20. This excess and unutilized capacity is causing the tarrif to shoot up from the levelized tarrif which casued additional burden of…

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K-Electric’s licence should be suspended: SHC

KARACHI: The Sindh High Court (SHC) on Friday directed the K-Electric (KE) to end unscheduled load-shedding and remove illegal connections from across the city. A two-member bench, comprising Justice Khadim Hussain M Shaikh and Justice Arshad Hussain Khan, was hearing a plea seeking the disconnection of illegal connections and an end to power cuts in exempted areas. Justice Shaikh observed that everyone in Karachi was complaining about the power utility, adding that the lives of Karachi’s people had been rendered miserable by illegal connections and unannounced power outages. “In such…

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