New finds, rise in available reserves boost lifespan of hydrocarbon deposits. KARACHI: In a surprising turnaround, Pakistan has reversed the historical trend of depleting oil and gas reserves as it reported a 26% boost in crude oil deposits and a 2% increase in gas reserves in the six-month period ended June 30, 2024.New discoveries and an upward revision in recoverable…
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Power minister says govt negotiating new terms with independent power producers Federal Minister for Energy Awais Ahmed Khan Leghari has defended the independent power producers (IPPs), asserting that these private entities are not responsible for the rising cost of electricity in the country.“The IPP policy is not the cause of expensive electricity,” Leghari told Voice of America during an exclusive…
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ISLAMABAD: Petroleum Division is reportedly in the process of initiating a summary for approval of Reko Diq Project transaction under Inter-Governmental Commercial Transaction Act (IGCTA) 2002, in coordination with Ministry of Law and Justice, well informed sources told Business Recorder.This was revealed at a recent high level meeting held to discuss progress on issues of petroleum sector.Unconfirmed reports suggest that Saudi…
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ISLAMABAD: M/s Sapphir Electric Power Company Limited (SECL) is said to have refused to make payment of outstanding amount to Sui Northern Gas Company Limited (SNGPL) against LNG supply in May 2015 unless Nepra determines its fuel price adjustment based on OGRA’s clarification.SECL has established 225-MW (gross) with net capacity of 209-MW combined gas-fired power plant on the basis of…
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