Month: March 2020

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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PetroChina, one of the largest buyers of liquefied natural gas (LNG) in the key LNG demand growth market, has offered the lowest bid in an LNG tender in Pakistan, in a sign that the Asian market continues to be oversupplied even after the winter heating season began. According to the documents from the latest Pakistan LNG tender, PetroChina International Singapore offered the lowest bid at a price slope—that is a percentage of the Brent oil contract—of 8.594 percent, for a delivery window on February 16-17. PetroChina beat commodity traders Gunvor…

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The Board of Directors of Shell Pakistan Limited announced financial results for the year ended December 31, 2019. The company posted a loss after tax of Rs 1,485 million for 2019 compared to the loss of Rs 1,102 million in 2018. The oil industry felt the impact of some of the continued macro-economic challenges faced by the country, primarily owing to the unprecedented devaluation of the rupee; declining fuels market; volatility in the international oil prices and increased minimum tax rates applicable, which has had a significant impact on SPLs…

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