OGDCL carries out 221 Line-km 2D seismic surveys in 1st quarter of FY 2022-23
Oil and Gas Development Company Limited (OGDCL), during the first quarter of the current fiscal year, carried out 221 Line-km 2D and 21 Square-KM 3D seismic surveys in its various operational areas to discover hydrocarbon reserves. “The acquired 221 Line km of 2D seismic data and 21 Sq. km of 3D seismic data represents 49%…
Adil Aziz
Committee formed to settle circular debt for gas sector companies
Minister for Finance Senator Ishaq Dar notified a committee on Circular Debt (CD) settlement plan for gas sector companies. According to a notification issued by the finance division, the committee would undertake a detailed mapping of the gas sector’s circular debt stock as of June 30, 2022, segregating the principal amount of debt, LPS, penalties,…
Multi pronged strategy seems working to avert severe gas crisis
Global economic recession and regional conflicts landed many of the world’s nations in serious trouble to meet the energy needs of their people during chilly winters. Unlike many previous years, the post-COVID and Russia-Ukraine war era had rung alarm bells even across Europe and in many Asian countries. The situation was also not different for…
Oil prices steady as drawdown in U.S. crude stocks counters China COVID concerns
Oil prices were little changed as a larger-than-expected draw in U.S. crude stocks offset worries about rising COVID-19 cases in top oil importer China. Brent crude futures rose 7 cents, or 0.1%, to $80.06 per barrel by 0404 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 4 cents, or 0.1%, to $76.27. U.S. crude…
PoL import bill shrinks by 8.11% to $7.7 Billion in 5 months
The imports of the overall petroleum group declined by 8.11 percent during the first five months of the current fiscal year (2022-23) as compared to the corresponding period of the last year. The total imports of the petroleum group during July-November (2022-23) stood at $7,700.272 million, as against the imports of $8,379.847 million during the…
Proposals discussed to reform energy sector
Federal Minister for Finance and Revenue, Senator Mohammad Ishaq Dar chaired a follow-up meeting on reforms in Energy Sector. The participants discussed in detail viable proposals presented by the relevant ministries for introducing reforms in power and gas sectors aiming to bring efficiency in the system, minimize wastage of the energy and provide relief to…
Government announces to set new price of petrol at Rs 214.80 per liter
The government announced to set the new price of petrol at Rs 214.80 per liter with a reduction of Rs.10 rupees in the price of petrol. While announcing a significant reduction in the prices of petroleum products in Federal Finance Minister Muhammad Ishaq Dar said that the new price of high speed diesel is Rs…
Qatar, Pakistan enjoy strong bilateral relations based on solid foundations: Envoy
Ambassador of Qatar to Pakistan Sheikh Saoud Albulrahman Al-Thani has said that the State of Qatar and Pakistan shared unique historical ties, enjoying strong cooperative ties based on solid foundations, and relations between nations have seen remarkable development in recent years in all fields. Addressing the audience on Qatar National Day in Islamabad, the envoy…
PM inaugurated refurbishment project of Units 5 and 6 of the Mangla Dam Hydroelectric Power Plant
Prime Minister Shehbaz Sharif said Pakistan was in dire need of generating cheap electricity as the energy import bill exorbitantly touched $27 billion. He was addressing the inaugural ceremony of the refurbishment project of Units 5 and 6 of the Mangla Dam Hydroelectric Power Plant, carried out with the support of the United States Agency…
Pakistan to get crude oil, petrol, diesel from Russia on discounted price: Musadiq
Minister of State for Petroleum Dr Musadik Malik termed his recent visit to Russia ‘very successful’ as the host country, in principle, had decided to provide crude oil, refined petrol and diesel to Pakistan at a discounted rate. “In addition, negotiations with private sector companies of Russia have been initiated for procurement of Liquefied Natural Gas…