Day: October 22, 2021

Oil and Gas Development Company Limited (OGDCL) on Thursday announced the discovery of a gas reservoir in Kohlu District of Balochistan. In a statement, the OGDCL said it had made a gas discovery at Jandran West X-1 well which is located in Kohlu District, Balochistan Province, Pakistan. Jandran West X-1 well was spudded in on 19th May 2021 as an exploratory well and drilled down to a total depth of 1627m into Parh Formation. Based on the good gas shows during drilling, interpretation of open hole logs data, Drill Stem…

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The government is set to increase the local gas tariff by 10-22 percent by November 1, 2021 as per the undertaking extended to the IMF. The Fund wants the government to reduce the circular debt in local gas sector, which has risen to Rs554 billion. In case the amount of Rs104 billion is added, which has not been recovered from domestic consumers against the use of costly RLNG in the last three years, then the total circular debt stands at Rs658 billion as of today. If the government, because of…

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Awaidha Murshed Al Marar, Chairman of the Abu Dhabi Department of Energy (DoE), has said that the energy sector in the Emirate of Abu Dhabi is moving towards developing its potential, thanks to the support and directives of the wise leadership. “We aim to increase the efficiency of the energy system, secure the supplies, and contribute to preserving the environment in a way that will help achieve sustainable development goals and provide further opportunities in support of the national economy,” he added. In a statement to mark the World Energy…

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Hammad Azhar, Minister for Energy, on Thursday said the government was exploring options to swap debt for environmental protection related projects after issuing Green Bonds. He was speaking at the virtual “World Leaders’ Investment Summit”, one of the top level events of 7th World Investment Forum (WIF). Speaking on behalf of Prime Minister, the minister underscored the importance of investment saying “investment is a vital component of economic growth and development, especially in the developing countries and FDI (foreign direct investment) inflows are more necessary now than ever”. He pointed…

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Rising need of petroleum and its heavy taxation leaves the common man stripped of his earnings, and renders the lives of the poor more miserable than before, but despite all these, brings in super-duper profits to the petroleum companies and revenues in trillions for the government.—Rana Bhagwandas Commission Report on Petroleum Prices submitted to Supreme Court of Pakistan in 2009 The poor economic performance of the coalition government of Pakistan Tehreek-e-Insaf (PTI) is adding miseries to the life of the common man and their pursuit of living with access and…

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