Year: 2021

Oil and Gas Development Company (OGDC) has made a gas and condensate discovery in its exploratory efforts at Wali well 01 located in FR Lakki, Khyber-Pakhtunkhwa. “Wali 01 well was drilled on December 2, 2019 as an exploratory well and it was drilled down to the total depth of 4,727 metres into Kawagarh Formation,” the company said in a statement on Wednesday. “Earlier, successful testing was carried out in Kawagarh and Hungu Formation, which proved to be a gas and condensate discovery.” Now, Lockhart Limestone, the third prospective zone in…

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The National Electric Power Regulatory Authority (Nepra) on Wednesday firmed up about 97 paisa per unit additional monthly fuel cost to be recovered from consumers of K-Electric next month. However, it put on hold the final judgment for a couple of days to cross-examine some additional information they sought from the K-Electric. The additional fuel cost adjustment (FCA) is on account of higher cost of electricity consumed in the month of August. In a public hearing on a petition filed by K-Electric presided over by Chairman Nepra Tauseef H. Farooqui,…

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Engro Corporation, Pakis­tan’s premier conglomerate, has announced partnership with the Pakistan Pavilion at Dubai Expo 2020 to unearth hidden opportunities in investment and tourism presented by the country. Developed on the theme of “The Hidden Treasure”, this is the largest-ever pavilion of Pakistan set up outside the country. The pavilion will showcase the country’s vast potential in tourism, business, culture, and entertainment, through digitally engaging and inspiring experiences. The event will also feature a series of workshops, conferences and fireside chats to highlight various opportunities in Pakistan. As part of…

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The National Electric Power Regulatory Authority (Nepra) said on Thursday the country’s electricity system was adversely affected in 2020-21 by underutilisation of the most efficient power plants run by regasified liquefied natural gas (RLNG), increase in circular debt, poor governance and fuel supply challenges, which unnecessarily burdened the consumers. In its “State of Industry Report 2020-21”, the regulator said “the power sector witnessed the underutilisation of most efficient RLNG power plants and some other cost-efficient power plants”. Underutilisation of these power plants — that is, operating them on “part load”…

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Fitch Ratings revised down its forecasts for the Pakistani rupee on Thursday for both this year and next due to a variety of factors including an increased flow of U.S. dollars into neighbouring Afghanistan. Fitch’s forecast for the rupee’s average rate this year is now 164 to the U.S. dollar compared with 158 previously. For 2022, Fitch now expects an average rate of 180 versus a previous forecast of 165. “Our expectation for the currency to weaken further is based on Pakistan’s worsening terms of trade, tighter U.S. monetary policy,…

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