The Oil and Gas Development Company Limited (OGDCL) has announced a significant gas discovery at the Shahu-1 exploratory well in the Sawan South Block, located in Khairpur, Sindh. The discovery is part of a joint venture, with OGDCL holding a 20% working interest, United Energy Pakistan Limited (UEPL) at 75%, and both Government Holding Private Limited (GHPL) and Sindh Energy…
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The Oil and Gas Development Company Limited (OGDCL) has secured the prestigious Corporate Excellence Award 2024 in the Oil and Gas Exploration category. The accolade, organized by the Management Association of Pakistan (MAP), highlights OGDCL’s outstanding management practices and unwavering commitment to operational excellence in the energy sector. Mr. Javed Raza Soomro, General Manager (Production) at OGDCL, received the award…
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ISLAMABAD: In the first quarter of fiscal year 2024-25, Pakistan attracted $404 million in foreign direct investment (FDI) from China, with a notable contribution of $224.8 million in September alone. According to the latest statistics from the State Bank of Pakistan (SBP), the country received a total of $903.5 million in FDI from various countries between July and September 2024,…
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ISLAMABAD: Pakistan earned US $111.313 million by providing different travel services in various countries during the two months of the fiscal year 2024-25. This shows an increase of 4.99 per cent as compared to the US $106.020 million worth same services provided during the corresponding months of the last fiscal year 2023-24, the Pakistan Bureau of Statistics (PBS) reported. During…
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With a 6% YoY drop in power generation, Pakistan faces rising fuel costs and an increasing shift toward solar energy, as more consumers move off-grid to combat high electricity prices Power generation in Pakistan fell to 12,487 GWh in September 2024, marking a 6% year-on-year decline compared to the 13,339 GWh produced in the same month last year. On a…
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QINGDAO: Federal Minister for Power Sardar Awais Ahmad Khan Leghari on Wednesday said that Pakistan has set an ambitious goal to generate 60 per cent of its energy from renewable energy (RE) sources, reflecting its commitment to sustainability. Addressing at the opening ceremony of the Third Belt and Road Energy Ministerial Conference here, the minister underscored Pakistan’s commitment to renewable…
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Federal Minister for Power Sardar Awais Ahmad Khan Leghari, addressed the opening ceremony of the Third Belt and Road Energy Ministerial Conference, underscoring Pakistan’s commitment to renewable energy and stressing the importance of global cooperation in the energy sector. “I extend my congratulations to the Chinese National Energy Administration for successfully hosting this important conference,” Awais Leghari remarked. He acknowledged…
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KARACHI: The oil transportation and storage sector in Pakistan is set for expansion, driven by increased petroleum demand and relaxed import restrictions, according to a study by the Pakistan Credit Rating Agency (Pacra). The report highlights that pipelines, recognized as cost-effective and environmentally friendly, are essential for both domestic and cross-border oil transport. Pakistan’s oil pipeline network, spanning over 2,000…
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ISLAMABAD: The Special Investment Facilitation Council (SIFC) has instructed the Petroleum Division (PD) to resolve the sales tax exemption issue by November 12, to pave the way for a $6 billion refinery upgrade project. This issue, stemming from the Finance Bill for FY25, has stalled crucial upgrade investments by local refineries, according to a senior Energy Ministry official. SIFC emphasized…
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ISLAMABAD: The Central Power Purchasing Agency-Guaranteed (CPPA-G) has proposed a 71 paisa per unit negative adjustment under the Fuel Cost Adjustment (FCA) mechanism for September 2024, aiming to refund Rs 8.55 billion to consumers. The National Electric Power Regulatory Authority (Nepra) is scheduled to hold a public hearing on this adjustment on October 30, 2024. According to CPPA-G data, hydel…
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