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Day: June 3, 2024

OGDCL Announces Production Commencement from Chanda-7 Well in Kohat & Production Revival from Kunnar-8 Well in Hyderabad

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OGDCL-Project

ISLAMABAD, June 03, 2024: Oil and Gas Development Company Limited (OGDCL), Pakistan’s largest Exploration and Production company, has announced the commencement of production from the Chanda-7 well in Kohat, Khyber Pakhtunkhwa, and successful revitalization of the Kunnar-8 well located in Hyderabad, Sindh to enhance oil and gas production.Chanda-7, a new development well, has been successfully tested, completed, and brought into…

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UNICEF Study: Resilient Energy Investment in Pakistan Could Prevent 175,000 Deaths

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UNICEF-Study

ISLAMABAD/NEW YORK, 31 May 2024 – A new UNICEF study highlights that investing in resilient energy for health facilities in Pakistan could prevent over 175,000 deaths by 2030 and contribute $296 million to the economy by 2044 through reduced maternal, adult, and infant mortality, and a lower disease burden. Resilient energy, defined as a reliable and flexible power supply capable…

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Investors Rush to Aramco Share Sale Potentially Raising $13 Billion

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Investors-Rush

DUBAI: Saudi Arabia‘s sale of shares in oil giant Aramco saw overwhelming demand within hours of its launch on Sunday, with the deal potentially raising up to $13.1 billion. This significant transaction will test the international market’s appetite for the kingdom’s assets. Institutional orders for the shares will be accepted through Thursday, with the shares priced the following day. Trading…

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Karot Power Seeks NEPRA Approval for Indexations Amid Financial Challenges

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Karot-Hydropower

ISLAMABAD: Karot Power Company Limited (KPCL) has approached the National Electric Power Regulatory Authority (NEPRA) for the approval of its indexations for the first and second quarters of 2024. The company has been unable to issue invoices totaling Rs 20 billion and faces a fifth debt payment of $100 million due in October 2024. In a letter to NEPRA Chairman…

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PM Shehbaz Sharif’s Visit to China Expected to Strengthen Economic Ties

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Shehbaz-Sharif

ISLAMABAD: Prime Minister Shehbaz Sharif is set to visit China on Tuesday, aiming to enhance economic and trade relations between the two nations. Invited by President Xi Jinping and Premier Li Qiang, the visit is anticipated to foster collaboration in the energy and IT sectors through various memorandums of understanding (MoUs) and agreements. During his visit, PM Sharif will engage…

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Surge in Fuel Outlets Despite Smuggling Concerns

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fuel-oil

KARACHI: Despite the increasing influx of smuggled Iranian oil, oil marketing companies (OMCs) in Pakistan are expanding their retail networks. Pakistan State Oil (PSO) has added 37 new retail outlets in the first nine months of FY24, bringing its total to 3,555. However, PSO’s 9MFY24 report did not address the issue of fuel smuggling, which has impacted diesel and other…

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