Day: December 16, 2022

Turkish Petroleum discovers oil worth $12bn in Mount Gabar

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Turkish Petroleum (TPAO) has discovered 150 million barrels of oil in the Mount Gabar Area, southeast Turkey. Turkish President Recep Tayyip Erdoğan announced the find during a cabinet meeting on Monday. He said: “It is one of the top 10 onshore discoveries in 2022. The reserve value is approximately $12 billion. “We produce 5,000 barrels per day in four wells in this region, which has a very high oil quality. With 34 more discoveries in 2021 alone, we added another 71 million barrels to our current reserve,” Erdoğan added. Turkey will celebrate its…

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Traders Are Selling, But Higher Oil Prices Could Be On The Horizon

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oil

Last week, we published one of the more bearish articles on the oil price outlook as reviewed by commodity analysts at Standard Chartered. According to the analysts, their proprietary crude oil money-manager positioning index that compares net longs across the four main New York and London-based crude contracts relative to open interest and historical norms is currently more negative than those for all other commodities they track. StanChart says that In recent months, crude oil has remained close to the bottom of the ranking of metals and energy in terms of implied positive…

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Manufacturing sector: FFC gets ‘Largest National Tax Payer’ award

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economy

Fauji Fertilizer Company Limited has been awarded as “Largest National Tax Payer” from Manufacturing Sector” for year 2022 in the “Second Taxpayer Recognition Awards 2022” organized by Rawalpindi Chamber of Commerce & Industry. Representatives from the various multinationals and corporate blue chip companies participated in the event. The award was presented by President Arif Alvi at a ceremony arranged at Aiwan-e-Sadar. Company Secretary Brig Asrat Mahmood (retd), FFC received the award. This is second consecutive year where FFC was declared as Largest National Tax Payer in Manufacturing Sector.

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Nepra chief proposes Coal Procurement Authority

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National Electric Power Regulatory Authority (NEPRA) Chairman Tauseef H Farooqi told Senate Sub-committee on Cabinet Secretariat that he has proposed the government to establish an independent Coal Procurement Authority to import and determine tariff for electricity generation from coal power projects. The Senate Sub-committee on Cabinet Secretariat met on Thursday at the Parliament house under the convener ship of Senator Saadia Abbasi to examine in detail the modalities of oil, gas import and electricity pricing by the NEPRA and the OGRA. The chairman NEPRA told the meeting that the government…

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Govt signs deal to settle $11bn Reko Diq dispute

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reko-dick1

The Governments of Pakistan and Balochistan, Barrick Gold, and Antofagasta PLC signed a final deal in London on Thursday, announcing the reconstitution of Reko Diq project and settlement of $11 billion dispute after a favourable opinion from the Supreme Court and required legislation passed into law. According to a statement issued by the Attorney-General of Pakistan’s office, one of the largest undeveloped copper-gold projects in the world, Reko Diq will be owned: 50% by Barrick Gold 25% by three state-owned enterprises — Oil and Gas Development Company, Pakistan Petroleum Limited…

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