Month: November 2020

Supreme Petroleum Council Announces New Oil Discovery Of 22 Billion Barrels Of Non-conventional, Recoverable Crude Oil In Emirate Of Abu Dhabi

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ABU DHABI, (UrduPoint / Pakistan Point News / WAM – 22nd Nov, 2020) The Supreme Petroleum Council (SPC) announced today the discovery of substantial recoverable unconventional oil resources located onshore, estimated at 22 billion stock tank barrels (STB), and an increase in conventional oil reserves of 2 billion STB in the Emirate of Abu Dhabi. The announcements were made following the SPC meeting presided over by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the United Arab Emirates (UAE) Armed Forces and Vice-Chairman of the SPC. At the meeting, the SPC approved ADNOC’s capital expenditure…

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SBP announces monetary policy, keeps rate unchanged at 7%

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The State Bank of Pakistan (SBP) announced its bi-monthly monetary policy on Monday and decided to maintain its policy rate at 7%,  according to a statement issued by the bank. The Monetary Policy Committee (MPC) noted that since its last meeting in September 2020, domestic recovery has gradually gained traction in line with expectations for growth of slightly above 2% in the fiscal year 2021. The statement added that business sentiment has also improved in the country. Per the statement, the recent surge in COVID-19 cases across Pakistan, as well…

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Pakistan’s Oil Imports Fall By 24.56pc In Four Months

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Pakistan’s oil imports declined by 24.56 percent in first four months (July to October) of the current fiscal year, easing pressure on the country’s foreign exchange reserves. The country’s oil imports were recorded at $3.15 billion in July to October period of 2020-21 as compared to $4.18 billion in corresponding period of the last year, showing decline of 24.56 percent, according to the latest data of Pakistan Bureau of Statistics (PBS). The reduction in oil imports is helping in easing pressure on the country’s foreign exchange reserves. The total liquid…

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Ogra to approach third party for gas meter testing

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ISLAMABAD: Amid demand by gas utilities for increase in their prescribed price and meter rent by up to 123 per cent and 100pc, respectively, the Oil & Gas Regulatory Authority (Ogra) has decided to have testing of gas meters by independent third party, instead of gas companies themselves. The Ogra would be taking up on Monday (today) at a public hearing the petition filed by Sui Southern Gas Company (SSGCL) for Rs79 per million British Thermal Unit (MMBTU) or about 11pc increase in its prescribed price to meet its estimated…

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Will Exxon Sell Iraq Field Stake to Chinese Firms?

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China’s oil giants China National Petroleum Corp. and CNOOC Ltd. are considering acquiring Exxon Mobil Corp.’s remaining stake in an oil field in Iraq, which could fetch at least $500 million, according to people familiar with the matter. A deal would mark Exxon’s exit from the project and a further retreat from Iraq by international oil majors, following Royal Dutch Shell Plc’s departure from the giant Majnoon field three years ago. Tough contractual terms, payment delays and political instability have dulled the appeal of what had once been the Middle…

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