Global News

[ad_1] WINNIPEG: Canadian oil and gas producers will drill 8% more wells in 2024 to take advantage of greater access to pipelines, with the Trans Mountain oil pipeline expansion due to open, an industry group said in an annual forecast on Friday. Conventional oil production accounts for a small portion - 14% on average this year - of Canada's overall crude output, which comes mainly from oil sands. Canada is the world's fourth-largest oil producer. Producers will drill 6,229 wells next year, up 481 from 2023, the Canadian Association of Energy Contractors predicted. Most of the increased drilling will likely happen in the second half of 2024, as the industry rebounds from a softer market in the recent third quarter, the association said. The Trans Mountain expansion is scheduled to start shipping crude late in the first quarter of 2024, while the Coastal GasLink is approaching mechanical completion. Capital discipline by producers is likely to cap growth in drilling, th

[ad_1] Caretaker Minister for Energy Muhammad Ali on Thursday said gas prices in the country had consistently been a matter of concern, underlining that forthcoming announcements would detail the impending changes in the price of the commodity. The minister made these remarks during a visit to the Lahore Chamber of Commerce and Industry (LCCI). Caretaker Federal Minister for Commerce, Industries, and Production, Gohar Ejaz, was also attended the event. The Oil and Gas Regulatory Authority (Ogra) had in June this year asked the government to increase gas tariff by 45 per cent to 50pc for all consumer groups across the country to meet revenue requirement of two gas utilities — Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company Limited (SSGCL) — during fiscal year 2023-24. The government is yet to take a formal decision on the matter. During a visit to the LCCI today, Ali addressed the issue of gas prices, emphasising regional disparities “The price of gas