Oil and Gas Development Company Limited (OGDCL), the largest oil and gas exploration company in Pakistan, on Monday announced the discovery of oil and gas reserves from its exploratory well in Sindh. In a notice sent to the Pakistan Stock Exchange (PSX), the company said that OGDCL, “as operator with 100% working interest, has discovered oil and gas from development…
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The cost of fuel for electricity generation in November went down by more than one-third to Rs5.99 per unit from a month ago, according to data recently released by the National Electric Power Regulatory Authority. A 27.1pc reduction in the cost of coal-based electricity contributed to the overall drop of 33.6 per cent in the average fuel cost in November,…
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The United Kingdom government has announced that Virgin Atlantic will fly a historic net zero London-New York flight in 2023. Virgin Atlantic won a competition to receive government funding for the first net-zero transatlantic flight, according to an official press release by the U.K. State on Friday. “For decades, flying from London to New York has symbolized aviation’s ability to…
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Without allowing an upward revision in electricity and gas tariffs, the government on Saturday directed the relevant authorities to come up with viable plans to reduce the monster of circular debt that had now peaked at Rs4 trillion. However, without pricing adjustments, the IMF has rejected the initial plan for slashing the circular debt shared by Pak authorities with them in recent…
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The Sindh government is fully committed to facilitating the private sector companies that stand for exploiting the renewable energy resources abundantly available in the province so that there should be lesser reliance on imported fossil fuels for the protection of the national economy.This was stated by the Sindh government’s Energy Secretary, Abu Bakar Ahmed Madani, while speaking as the chief…
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In its latest monthly report, OPEC revealed it had yet again failed to produce as much oil as it agreed to produce the last time it discussed output. And it wasn’t by a few thousand barrels per day, either. The shortfall was some 1.8 million barrels daily, but more importantly, that sort of undershooting of its own target has become a regular…
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The Sui Southern Gas Company has implemented the load management plan, while suspending the gas supply to the captive power sector after CNG. The gas supply to the captive power plants will be cut off for 24 hours and CNG stations will also experience gas suspension for three days from Friday. The gas supply to both sectors will be restored…
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Pakhtunkhwa Energy Development Organization (PEDO) and Pakistan Engineering Council (PEC) have signed an agreement to start an internship program for fresh graduate engineers, said a press release issued here on Sunday. Under the agreement, PEC registered newly qualified engineers will be given one year training in PEDO and pay Rs.30,000 per month a stipend jointly. The main objective of the…
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Saudi Basic Industries Corp. has signed a memorandum of understanding with energy giant Saudi Aramco and China Petroleum & Chemical Corp., known as Sinopec, to assess the economic and technical feasibility of developing an integrated petrochemical complex with an existing refinery in Yanbu. In a statement given to the Saudi Stock Exchange, SABIC noted that this MoU would be valid for 18 months. The…
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The government is likely to allow Pakistan LNG Limited (PLL) to sign pact with Azerbaijani company M/s SOCAR/ SOCAR Trading for import of one LNG cargo monthly, sources close to Minister of State for Petroleum and Natural Resources told Business Recorder. Pakistan State Oil (PSO) and Pakistan LNG Limited (PLL) are importing Liquefied Natural Gas (LNG) under long-term LNG supply contracts…
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