RIYADH: Saudi oil giant Aramco shares recorded their highest price since October 2020 on September 28, 2021, at SR36.55, Arab News reported. The stock is currently trading at a 3 per cent increase, with heavy trading exceeding 19 million shares so far. Brent oil rose to its highest level in three years during the trading, … Read more
FRANKFURT: As the world’s nations prepare to gather for another climate summit next month in Glasgow, the Opec oil cartel is reminding that, in their view, crude will continue to be the leading source of energy for decades, especially as the world’s less-wealthy countries seek higher growth and standards of living, Khaleej Times reported. Opec says that more … Read more
LONDON: Britain is suffering from a wave of Brexit-and-Covid-induced crises, from runaway energy prices to shortages of goods, drivers and motor fuel while unemployment is predicted to jump before Christmas. Last year, a huge surge in Covid cases and hospital admissions forced the government to slap restrictions on social mixing indoors, ruining festive season plans. … Read more
ABU DHABI: Abu Dhabi National Oil Company (ADNOC) on Monday announced the successful completion of the book build and public subscription process for the Initial Public Offering (IPO) of ADNOC Drilling Company PJSC, according to Emirates News Agency WAM. It confirmed the previously announced increased offering size from 1,200,000,000 ordinary shares to 1,760,000,000 ordinary shares (Offer Shares), … Read more
Oil prices rose on Friday, nearing a three-year high, and were headed for the third weekly gain, amid continued US supply disruptions, Reuters reported. Brent crude advanced 0.3 per cent to $77.45 at 4:38pm Riyadh time, while WTI, the US benchmark, was 0.1 per cent higher at $73.35. This week’s upward momentum was barely interrupted … Read more
LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the Oil and Gas Regulatory Authority (Ogra) to revise the petroleum products price fixation formula, as fortnightly change is affecting the estimated cost of doing business, a statement said on Saturday. LCCI president Mian Tariq Misbah raised the issue during a meeting with Member … Read more
KARACHI: The delayed berthing of oil products vessels caused a loss of Rs7 billion ($45 million) in demurrage fees during March 2020 to July 2021, the Oil Marketing Association of Pakistan (OMAP) noted. “Data involving vessels, which berthed at the various ports in the country between March 1, 2020 to July 26, 2021 showed that … Read more
ISLAMABAD: The volatile prices of edible oil in the international market have pushed up the local prices of ghee/vegetable in the country and there is a need to have a sliding scale to link up the prices of ghee in the local markets with the international markets, a senior government official said. Presiding over a … Read more
RIYADH: The global oil demand declined for the third consecutive month due to a resurgence of the Covid-19 cases in Asia, Arab News reported. Adjusted estimates of the global oil demand in the third quarter of 2021 by a reduction of about 200 kb/d since last month, the monthly report of IEA issued on Tuesday … Read more
RIYADH: Opec will likely revise down its 2022 oil demand growth forecast on Monday when it publishes its monthly report, two Opec+ sources told Reuters, as the spread of the delta coronavirus variant puts the speed of a fuel use recovery in doubt. Opec did not change its forecast in July and August reports. About … Read more
KARACHI: The oil reserves dropped 8 per cent during June 2021 to arrive at 249 million barrels, compared with 271 million barrels in June 2020, the latest hydrocarbon reserves data released by the Pakistan Petroleum Information Service (PPIS) suggests. “All the major fields observed decline, as Mela, declined 2 per cent; Nashpa, down 10 per … Read more
KARACHI:The Oil and Gas Development Company Limited (OGDCL), being the operator of Wali Exploration Licence with 100 per cent working interest, has made a gas and condensate discovery from its exploratory efforts at Wali #01 well, which is located in Khyber-Pakhtunkhwa, a bourse filing said on Tuesday. The Wali #01 well was spudded-in on December … Read more
US President Joe Biden‘s administration on Tuesday announced plans to open more than 80 million acres in the Gulf of Mexico for oil and gas exploration after a court ruled against the administration’s pause in leasing. The decision represents a significant step back for the White House’s ambitious climate agenda and was quickly challenged by … Read more
The world’s leading oil producers are expected to uphold a July deal to slowly boost output at a meeting on Wednesday, despite US pressure to go further. OPEC (Organisation of the Petroleum Exporting Countries) members led by Saudi Arabia along with allies including Russia, known collectively as OPEC+, decided in July to raise output by … Read more
ISLAMABAD: The production of all major crops witnessed significant increase during the last three years of the present government, according to the “Three Years Performance Report 2018/21”, launched by the government on Thursday. The government’s special emphasis on agriculture sector resulted in an increase in the production of all major crops, and the government introduced … Read more
KARACHI: The rupee witnessed a decline of 78 paisas to hit an almost 11-month low of Rs165.20 against the dollar on Tuesday, despite receiving $2.75 billion from the International Monetary Fund, dealers said. The exchange rate ended at Rs165.20 against the greenback from the previous day’s closing of Rs164.42 in the interbank foreign exchange market. … Read more
RIYADH: Saudi Arabia could not ship more crude oil in the first-half as it voluntarily restrained output under Opec+ production-cut agreement; however, high oil prices this year helped the kingdom to see stable income, Arab News reported. The kingdom’s crude oil exports averaged 5.776 million barrels per day (bpd) in the first-half of 2021 that is 19.8 … Read more
ISLAMABAD: The Cabinet Committee on Energy (CCoE) has approved the proposal of the Power Division for eliminating the need for generation licences for small-scale RE-based systems (up to 25kW) for net metering. The decision was taken during the CCoE meeting, held under the chairmanship of the Federal Minister for Planning, Development and Special Initiatives Asad … Read more
DUBAI: A consortium led by developer ACWA Power has reached financial closure for the 1,500MW Sudair solar plant, a key project in Saudi Arabia’s renewable energy push, Arab News reported. The developer also announced that Aramco-owned Sapco has joined the consortium, marking the oil giant’s first participation in the Saudi Public Investment Fund’s renewable energy … Read more
KARACHI: The Pakistan Oilfields Limited (POL) has announced a net profit of Rs15.40 billion for the year ended June 30, 2021, which is 6.2 per cent higher than the profit of Rs14.50 billion recorded in FY20, a bourse filing said on Wednesday. The earnings per share (EPS) for the year clocked-in at Rs54.24, compared with … Read more
RIYADH: Saudi Arabia’s economy grew 1.5 per cent in the second quarter, year-on-year, first expansion since the pandemic, fuelled by a 10.1 per cent growth in the non-oil sector, Khaleej Times quoted the flash government estimates on Monday. Seasonally-adjusted real gross domestic product (GDP) grew 1.1 per cent in the second quarter, compared with the first quarter, … Read more
KARACHI: Hascol Petroleum Limited has approved the appointment of Aqeel Ahmed Khan as its CEO with effect from August 5, 2021, replacing Adeeb Ahmad, who has resigned from the position, a statement said. The board has also approved the appointment of Zafar lqbal Chaudhry and Mustafa Ashraf to the board as independent directors, it added. … Read more
ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has achieved a milestone by issuing licences for the construction and operation of a pipeline, being the last leg of the liquefied natural gas (LNG) supply chain, to Energas Terminal (Pvt) Limited and Tabeer Energy (Pvt) Limited, a statement said on Friday. The licences were issued under … Read more
KARACHI: The Oil and Gas Development Company Limited (OGDCL), being the operator of Wali Exploration Licence with 100 per cent working interest, has made a gas and condensate discovery from its exploratory efforts at Well Wali 01, which is located in Khyber-Pakhtunkhwa, a bourse filing said on Thursday. The well test has recovered 11.8mmscfd of … Read more
KARACHI: Iran opened its first oil terminal in the Gulf of Oman, a move that will allow it to avoid using the Strait of Hormuz shipping route that has been a focus of regional tension for decades. “This is a strategic move and an important step for Iran. It will secure the continuation of our … Read more
KARACHI: The country’s overall electric power generation during FY21 surged 6.9 per cent to 130,223GWh (14,866MW), compared with 121,867GWh (13,912MW) during FY20, official data suggests. Hydel remained the major contributor in the overall generation with 30 per cent share; followed re-gasified liquefied natural gas (RLNG), 21 per cent; coal-based generation, 21 per cent; gas-based generation, … Read more
KARACHI: The rupee weakened 41 paisas to touch a five-month low of Rs159.33 against the dollar on Thursday, owing to the demand for oil imports and other commodities payments, dealers said. The exchange rate ended at Rs158.92 on Wednesday in the interbank foreign exchange market. The rupee was last seen at the same level on … Read more
Oil prices edged up on Monday the first day of the business week, with Brent futures set to post a fifth straight monthly gain, as demand struggles to return to pre-COVID levels in a well supplied market. According to the details Brent crude futures for November climbed 27 cents, or 0.6%, to $46.08 a barrel … Read more
