Day: March 5, 2020

PESHAWAR: Khyber Pakhtunkhwa’s (KP) Energy and Power Department could hardly spend 6.9 per cent from the allocated Rs9 billion for various projects to increase the province’s electricity production in this year’s annual development programme. According to the documents, the KP Finance Department had released Rs3.8 billion out of Rs9 billion in which the department could spend only Rs623 million on various projects. Provincial government allocated token funds for 496 MW project in Kohistan-Supat Power Project on in which KP has 26 per cent shares while Korea Hydro & Nuclear Power (KHNP)…

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Last year, the petroleum industry was left in a buzz with fresh oil and gas blocks on the market for exploration, located in Abu Dhabi. These were under the hat of Abu Dhabi National Oil Company (ADNOC), the emirate’s crown jewel. To take full advantage of this opportunity, several E&P companies worldwide partook in the bidding process. Representing Pakistan, major E&P Companies, namely, PPL, MPCL, OGDCL & GHPL, participated in the bidding by forming a consortium – the first of its kind in the country. ADNOC is currently in the…

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Pakistan Oilfields Limited (POL), the country’s leading oil and gas exploration and production company discovered oil and gas in upper Punjab, it was learned on Thursday. “Pakistan Oilfields Limited (POL), Operator of Pindori D&P Lease has tested hydrocarbons from its Development Well Pindori-10, located in district Rawalpindi, Punjab,” stated the company in a notification to the Pakistan Stock Exchange (PSX). The company informed that drilling of Pindori-10 was commenced on January 28, 2019, and achieved its target depth at 13,701 feet. As a result Drill Stem Test (DST) conducted at…

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LONDON: Brent oil prices rose on Wednesday on expectations that major producers have moved closer to an agreement to enact deeper output cuts aimed at offsetting the slump in demand caused by the coronavirus outbreak. Brent crude was up by $0.62, or 1.2%, at $52.48 a barrel at 1144 GMT. US West Texas Intermediate (WTI) was up by $0.57, or 1.2%, at $47.75 a barrel. Saudi Arabia and other OPEC members are seeking to persuade Russia on Wednesday to join them in large additional oil output cuts to prop up prices…

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ISLAMABAD (Dunya News) – Economic coordination committee (ECC) has postponed the proposed hike in tariffs put forth by National Electric Power Regulatory Authority (NEPRA) for consumers of K-Electric in a session here on Wednesday. The ECC also approved supplementary technical grant of Rs 5 billion for HEC in the same session. Moreover, an internal security duty allowance for the Air Force, grants for Strategic development planning cell and proposals for the promotion of remittances through legal channels were also approved by the ECC. NEPRA had previously tabled a summary proposing…

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