Oil And Gas Is Booming In The Land Of Enchantment

New Mexico, the Land of Enchantment, was concerned when Biden’s pause on oil and gas drilling leases took hold, but six months into the new administration the state’s oil industry continues to go from strength to strength. After uncertainty about political decisions concerning oil and gas, following a year of low demand that drove down both oil prices and production levels, New Mexico has surpassed North Dakota as the second-largest oil producer in the U.S. following a boost in oil production this spring, not seen since the pre-pandemic period. At…

Read More

Govt disburses 100% funds allocated for water resources, NTDC, PEPCO projects under PSDP 2020-21

The government has released 100 percent funds for various water resources, National Transmission and Despatch Company (NTDC) and Pakistan Electric Power Company (PEPCO) projects allocated under the Public Sector Development Programme (PSDP 2020-21). According to the data of Planning Commission, an amount of Rs71,734.046 million was allocated for various water resource sectors during the last fiscal year. Out of total allocation, domestic share was Rs58,236.046 million while foreign component was Rs13,498 million. An amount of Rs58,036.954 million was released from domestic share while Rs13,901.401 million was received under foreign components…

Read More

Power theft: Govt decides to amend law

The government has decided to amend Pakistan Penal Code (PPC) Act 1860 with a view to nabbing consumers allegedly involved in electricity theft through an order of a court on the application of not below grade 17 officer. However, the amendment is being opposed by parliamentarians on grounds that with this amendment the government intends to hide its poor performance and protect corrupt elements by shifting responsibility on consumers. In 2020-21 Discos’ inefficiencies have increased by over 28 per cent – to Rs 54 billion from Rs 42 billion in…

Read More

82pc of released PSDP funds utilised in FY21

The utilisation of funds stood at 82 percent against the releases in Sindh during the financial year ended on June 30, 2021 under the Public Sector Development Programme (PSDP). According to a summary of the provincial government, the release of amount and its utilisation also includes the provincial and district Annual Development Programmes and federal grants and foreign assistance for the development projects. The Sindh government’s PSDP included Rs155 billions for provincial ADP, Rs15 billions for district ADP, Rs54.641 billions for foreign project assistance and Rs8.3 billions from federal grants.…

Read More

Pakistan, Uzbekistan agree to finalise Preferential Trade Agree­ment

Pakistan and Uzbekistan on Wednes­day agreed to finalise bilateral Preferential Trade Agree­ment (PTA) within three months to further boost bilateral trade volume. At the 6th meeting of the Uzbek-Pakistani Intergo­v­ernmental Commission on Trade-Economic and Scientific-Technical Cooperation (IGC) held in Tashkent, both sides agreed to form joint working groups on agriculture, information technology, education and mineral sectors to boost cooperation, said a news release issued here. The meeting was co-chaired by Deputy Prime Minister and Minister of Investments and Foreign Trade Sardor Umurzakov and Commerce Adviser Abdul Razak Dawood. Mr Umarzakov…

Read More

German envoy discusses energy projects with Azhar

German Ambassador to Pakistan Bernhard Schlangheck called on Federal Minister for Energy Muhammad Hammad Azhar on Wednesday. The federal minister while appreciating the recent signing of Implementation Agreement (IA) for GIZ Pakistan’s Renewable Energy and Energy Efficiency II (REEE II) 8.1 million euros project, said that the cooperation between Pakistan and Germany in the energy sector has witnessed considerable growth. He informed that a major milestone in the energy transition in Pakistan is the new Renewable Energy (RE) Policy approved by Council of Common Interest (CCI) which aimed for a…

Read More

Pakistan To Raise Green Energy Share By 30% In 10 Years

The government is making all-out efforts to increase the share of renewable energy in the electricity generation by 30 per cent in the next 10 years, a senior government official said on Wednesday. Talking to German Ambassador to Pakistan Bernhard Schlangheck, who called on him, Federal Minister for Energy Hammad Azhar appreciated the recent signing of the implementation agreement for GIZ Pakistan’s Renewable Energy and Energy Efficiency II (REEE II) project worth 8.1 million euros, and said that the cooperation between Pakistan and Germany in the energy sector has witnessed considerable growth.…

Read More

Local gas production tumbles by 10pc

In an alarming development, the local gas production in the country has tumbled by 10 per cent in 2019-20 to 2,138 BCFD (billion cubic feet gas per day) from 2.379 BCFD last year (2018-19) whereas the gas consumption has declined by 6 per cent to 3,714 MMCFD from 3,969 MMCFD during the same period. According to the OGRA’s State of the Regulated Petroleum Industry Report for the fiscal year 2019-20, issued here on Wednesday, the natural gas production has gone down by 10 per cent in 2019-20. The deficit between…

Read More

Petroleum Products Share In Power Generation Falls 43%; Gas Shortfall To Rise Further

The consumption of petroleum products in the power sector declined 43 per cent, whereas the demand and supply gap between gas production and consumption is likely to increase three times in the next 10 years. According to a report “State of the Regulated Petroleum Industry 2019/20”, released by the Oil and Gas Regulatory Authority (Ogra), the oil sector of the country has faced major challenges due to unprecedented crisis emanating from the Covid-19. The import of crude oil and petroleum products declined 26.42 per cent and 7.60 per cent, respectively,…

Read More

Third day of talks on PSGP: No sovereign guarantee for profit, Pakistan tells Russian team

Pakistan will not extend to Russia the sovereign guarantee against 26 percent shares in Pakistan Stream Gas Pipeline Project (PSGP). However, it has extended assurances to Russia which are enshrined in the amended Inter-Government Agreement (IGA). Pakistan will be having 74 percent shareholding and Russia 26 percent. This was the essence of the third day of talks between Pakistan and Russian excerpts on the project of paramount importance. However, the Oil and Gas Regulatory Authority (OGRA) will determine the tariff of the pipeline. The regulator will include in the tariff…

Read More