Year: 2020

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Wednesday issued four notifications, determining the sale price of imported Regasified Liquefied Natural Gas (RLNG) for the months of August, September, October and November. According to a notification issued for the current month, the authority has fixed per Million British Thermal Unit (MMBTU) RLNG price at $7.6584 on the system of Sui Northern Gas Pipelines Limited (SNGPL), while $7.3966 per MMBTU for Sui Southern Gas Company (SSGC)’s network. For the month of October, the RLNG price has been determined at $7.4140…

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Amid fast depletion of existing hydrocarbon deposits and increased energy demand, the Petroleum Division has constituted a team to conduct a forensic audit of the dry/shut-in wells drilled in different parts of the country by exploration & production (E&P) companies. According to sources, a four-member core committee has been constituted under the chairmanship of Dr Naseem Ahmed (ex-ED/MD OGDCL) to formulate a forensic team to analyze dry/shut-in wells in detail and submit its report within a month. The country’s existing gas production is around 3.7 billion cubic feet per day…

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In a landmark decision, the Oil and Gas Regulatory Authority (Ogra) on Wednesday decided to slash the unaccounted-for-gas (UFG) benchmark for liquefied natural gas (LNG) consumers, a move that would lead to a major reduction in prices. UFG is defined as losses and leakages of gas in systems of gas distribution companies, which they charge from the consumers. Earlier, Ogra had allowed 11-17% UFG recovery to the gas utilities on the distribution of LNG to the consumers. Now, Ogra has come to the knowledge that the Economic Coordination Committee (ECC)…

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In a bid to qualify for the third loan tranche of International Monetary Fund (IMF) programme, Pakistan will have to amend two laws to give autonomy to the central bank and legal mandate to the power sector regulator for notifying new electricity prices. “Amendments to the National Electric Power Regulatory Authority (Nepra) Act and the State Bank of Pakistan (SBP) Act are expected to become prior actions for the approval of second review of the Fund programme,” said Kamran Afzal, special secretary and spokesman for the Ministry of Finance. These…

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The World Bank’s International Center for Settlement of Investment Disputes (ICSID) last year ordered Pakistan to pay damages of $5.84 billion to Tethyan Copper – a joint venture between Chile’s Antofagasta and Canada’s Barrick Gold – for blocking Tethyan from developing the Reko Diq copper asset after it had already sunk more than $220 million into the project in Balochistan. The ICSID in July 2019 announced $6 billion award against Pakistan which included $4 billion penalty and almost $2 billion in interest as damages payable to Tethyan. Odds appear to…

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