OGDCL earns Rs 100.081 billion profit after tax

ISLAMABAD: The Board of Directors of the Oil and Gas Development Company Limited (OGDCL) announced the financial results for the year ended 30th June, 2020. The company’s net sales revenue clocked at Rs244.856 billion, with profit after tax at Rs100.081 billion. This translated into earnings per share of Rs23.27. The Board of Directors announced final cash dividend of Rs2.50 per share i.e. 25 percent. This is in addition to interim dividends already paid at Rs4.25 per share i.e. 42.5 percent. The cash dividend will be paid to the shareholders, whose…

Read More

Returning to the Shadows: China, Pakistan, and the Fate of CPEC

The troubles faced by the China Pakistan Economic Corridor (CPEC)—the flagship of China’s Belt and Road Initiative (BRI)—are perhaps the most conclusive demonstration that the BRI model that has been in place for the last few years is no longer sustainable. Even before the coronavirus pandemic, CPEC had stalled. Not only are the figures commonly cited for the total package of projects under this framework since its launch in 2015—which run as high as $62 billion—no longer accurate, investments of that magnitude are not under consideration either. The projects that…

Read More

Oil Heavyweights Look Ready for a Showdown

Oil producers could be set for another showdown before the end of the year, with heavyweights Saudi Arabia and Russia holding different views on how to approach the halting recovery in oil demand. Renewed restrictions on travel and social gatherings across Europe, along with the tapering of state support packages for companies, are having a chilling effect on demand for crude, just as the OPEC+ group of oil producers, who cut production by a record 9.7 million barrels a day in May, begin to contemplate the next easing of limits on their output. We should…

Read More

The Qatari LNG Expansion: Build but will they come?

In April 2017, Qatar lifted what had been a 12-year moratorium on further development of its vast offshore North Field. Three years later, Qatar is steamrolling forward with the largest LNG expansion the industry has ever seen. If it so desired, Qatar could fund and construct seemingly unending expansions to its already massive, 77 million mt/year, 14-train liquefaction operation. Qatar Petroleum (QP) has effectively said as much, upping its expansion plans twice since 2017. First there was the 2017 North Field East (NFE) expansion, initially aiming to take Qatari LNG…

Read More

OGRA initiates SNGPL’s on-site audit

ISLAMABAD: A team of the Oil and Gas Regulatory Authority (OGRA) has initiated on-site audit of the Sui Northern Gas Pipeline Limited (SNGPL) for the first time. Member Gas Muhammad Arif along with OGRA experts visited the SNGPL where they studied internal business control, systems and procedures adopted by the SNGPL relating to the regulated activity. The team reviewed and studied internal working of the SNGPL, and focused on the gas company’s measures to control UFG losses. The SNGPL extended all possible cooperation, and shared whatever information was requested by…

Read More

NEPRA’S Non-Regulatory Operation

More than its quasi-judicial muscle, the power-sector regulator has started operating through backchannels to challenge the bureaucracy’s entrenched practices that have resulted in a black hole of more than 30pc in electricity generation through transmission, distribution and cost recovery. In February this year, a team of the National Electric Power Regulatory Authority (Nepra) led by its top officials reached out to the prime minister, questioning the data sheets presented by his own cabinet colleagues and officials assisting them. The team asked the prime minister to declare a “national power emergency”…

Read More

Shahid Afridi wants to join hands with Sindh Govt to educate children of deprived areas of province

Cricket legend Shahid Afridi has appealed to the Sindh Government to join hands with him in his drive called “Educate a Child”.  The famous cricketer turned philanthropist made this appeal in a joint statement along with Zahid Saeed who is the CEO of his partner charity Green Crescent Trust (GCT) The SAF has been running the eight charitable school in Karachi enrolling  2400 underserved students for over two years in collaboration with the GCT that in total runs 150-plus charitable schools in Sindh having enrolment of 29,000 children of the…

Read More

Three plants relieved of LNG purchases from SNGPL, PSO

ISLAMABAD: Overruling the petroleum division’s objections to looming losses to its companies, the federal cabinet has approved doing away with the condition of “minimum 66 per cent take-or-pay commitment of RLNG (re-gasified liquefied natural gas) for three Punjab-based mega power plants” to earn better privatisation proceeds and scale down power sector liabilities of over Rs2.15 trillion. The petroleum division has put on record that without a budgeted subsidy, the decision will “simply be transferring circular debt from power division companies to petroleum division companies and in fact increasing it”. A…

Read More

Gearing up for better fuels

Only Honda Atlas Cars has been rolling out Euro IV vehicles. Others, including bike assemblers, have been making Euro II vehicles on the excuse that refineries are still producing Euro II fuels. Pakistan has banned imports of petroleum diesel of less than Euro V standard with effect from Aug 1 and Jan 1, 2021, respectively. The shift to higher-standard fuels will push oil marketing companies (OMCs) and refiners to make major operational changes with huge investment in a tough business environment. Sources in the refineries and OMCs have also shown…

Read More

Petroleum Division to float tenders for 27 new E&P blocks

ISLAMABAD: The Petroleum Division (PD) has planned to auction 27 new Exploration and Production (E&P) blocks for stepping up oil and gas drilling activities in different hydrocarbon potential areas of the country. “The advertisement for the award of 20 E&P blocks will be given in the first week of October, while seven offshore blocks will be offered in December,” a senior official privy to petroleum sector developments told APP. The official said that the Pakistan Tehreek-e-Insaf (PTI) government was fully aware of the prevailing energy situation in the country and taking…

Read More