Month: August 2020

OGDC makes another oil, gas discovery in Kohat

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Oil and Gas Development Company (OGDC) has made a gas and condensate discovery in its exploratory well Saib-1 in Kohat district of Khyber-Pakhtunkhwa. According to a statement issued by the oil and gas exploration company, the Saib Well-1 was drilled and tested using OGDC’s in-house expertise. The well was drilled to the depth of 5,500 metres. Based on the open hole logs data, the well test showed a flow of 1.6 million standard cubic feet of gas per day and 12 barrels per day of condensate with pressure of 190…

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Statement on Implementation of GIDC Verdict

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This refers to displays/advertisements appearing in some leading newspapers on August 25 & 28, 2020 regarding the honourable Supreme Court judgement in the GIDC Act 2015. These advertisements have wrongfully presented the landmark Supreme Court judgement of 13th August 2020 on the GIDC Act 2015. Through these advertisements an impression is being created as if this judgement will negatively affect the economy and that there is no need to collect the outstanding Cess as the already collected amount is sufficient to complete these projects. The advertisement erroneously claims that North…

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Sale power tariff not to be reduced after MoUs with IPPs

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ISLAMABAD: After the MoUs signed with the independent power producers (IPPs) installed under 1994, 2002 and 2006 power policies, the tariff of private power houses will be sliced but the sale tariff for end consumers will not tumble, as the Power Division wants to use the gains to be achieved from reduction in the IPPs tariff to cope up with the circular debt that has jacked up to over Rs2.2 trillion. Talking to The News on the power sector’s woes and forward looking strategy to rid the sector of financial…

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China Sees Record-Breaking Electricity Consumption In August

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China’s electricity consumption hit a record this month after rising steadily since the start of summer, the People’s Daily reported, noting that the trend suggested a robust recovery in economic activity in Asia’s second-largest economy. Electricity consumption in the manufacturing sector has specifically posted a marked recovery since July, reversing a negative consumption trend from the first half of the year. In even better news, electricity consumption in the consumer goods production sector rose by as much as 46.1 percent during the second quarter of the year, signaling expectations of…

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North Sea Oil Faces A Drilling Rig Supply Crunch

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The oil price collapse and deferred drilling campaigns have shrunk the available supply of drilling rigs in the North Sea to the point where operators now face a supply crunch for semisubmersible rigs for next year’s drilling campaigns off the UK, offshore rig brokerage and advisory Bassoe Offshore said in a recent analysis. The price crash and the capital expenditure (capex) cuts from exploration and production (E&P) companies have impacted the drilling rig market with less work contracted with offshore drilling providers than initially anticipated. This has caused drilling rig contractors in…

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