ISLAMABAD: The Oil and Gas Development Company Limited (OGDCL), a state-owned enterprise, has successfully initiated the early commercial production of tight gas from Pakistan’s first Tight Gas project at Nur West Well-1, located in Sujawal district, Sindh. The Nur West Well-1, part of the Nur Development & Production Lease, is currently producing 1.5 million standard cubic feet per day (mmscfd)…
Read More
ISLAMABAD: The prices of major petroleum products, including petrol and high-speed diesel (HSD), are expected to decrease by up to Rs9.20 per litre for the second half of August, driven by declining international prices. According to informed sources, international prices for petrol and HSD have dropped by over $3 per barrel in the past two weeks. This reduction could result…
Read More
The Water and Power Development Authority (WAPDA) is on the brink of a major milestone at the Mohmand Dam Hydropower Project, as the diversion tunnels have been completed, setting the stage for the diversion of the Swat River in the coming days. The river diversion will follow the finalization of the river-closure-dyke, despite the challenges posed by the high-flow season.…
Read More
KARACHI (August 12) – Sindh Chief Minister Syed Murad Ali Shah visited Indus Motor Company’s (IMC) manufacturing facility at Port Qasim Authority, emphasizing his government’s commitment to fostering the large-scale production of hybrid electric vehicles (HEVs) in Pakistan. During his visit, Chief Minister Shah toured IMC’s state-of-the-art facility and received a comprehensive briefing on the latest production processes, including the…
Read More
ISLAMABAD, August 12, 2024: Oil and Gas Development Company Limited (OGDCL) on Monday announced the successful commencement of early commercial production of Tight Gas from Pakistan’s first-ever Tight Gas project, Nur West Well-1 at the Nur Development & Production Lease (D&PL), located in the Sujawal district of Sindh.The Nur West Well-1 is currently producing 1.5 Million Standard Cubic Feet per…
Read More
Pakistan may see a significant reduction in fuel prices in the coming days, with cuts of up to Rs12 per litre expected across various petroleum products, according to industry sources Preliminary calculations suggest that the price of petrol could decrease by over Rs9 per litre, while high-speed diesel (HSD) may see a reduction of up to Rs8.50 per litre. Kerosene…
Read More
Solar panel prices in Pakistan have dropped to a historic low, with the per-watt cost now ranging between Rs. 30 and Rs. 32. This significant decrease in prices is largely attributed to the oversupply in the local market and a decline in international rates. Earlier this year in April, the per-watt price was around Rs. 39 to Rs. 40. By…
Read More
ISLAMABAD: The government has decided to extend the Financial Close (FC) date for the 1124-MW Kohala Hydropower Project, a key initiative under the China-Pakistan Economic Corridor (CPEC), by three years, starting from October 1, 2024. This extension, granted under the Letter of Support (LoS), will also include a waiver of the extension fee, subject to certain conditions. The decision was…
Read More
ISLAMABAD: Prime Minister Shehbaz Sharif is set to reveal a new economic plan on August 14, aiming to drive real-time export-led growth and dismantle longstanding economic barriers. The plan, developed by a task force in collaboration with Oxford University’s Professor Stefan Dercon, focuses on economic liberalisation and reducing government intervention in subsidies. Key elements of the “Home-grown Economic Plan” include…
Read More
ISLAMABAD: The government is contemplating the introduction of a price equalisation levy on wellhead gas as part of a broader initiative to reform the petroleum sector. The proposed surcharge aims to cross-subsidise protected residential consumers and key industrial sectors, potentially relieving a burden of Rs10-15 billion annually from the federal budget, which is currently allocated to subsidies within the gas…
Read More
