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…
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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…
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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…
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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…
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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…
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The federal government on Thursday announced to fix the new price of petrol at Rs 214.80 per litre with a reduction of Rs10 in the price of petrol. While announcing a significant reduction in the prices of petroleum products in Pakistan Television News, Finance Minister Ishaq Dar said that the new price of high speed diesel is Rs 227.80 with…
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A consortium of Pakistan’s oil exploration companies, including Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL) and Government Holdings (Private) Limited (GHPL), together as State-Owned Enterprises (SOEs), have signed definitive agreements for participation in the reconstituted Reko Diq project. OGDCL shared the development in a notice to the Pakistan Stock Exchange (PSX) on Friday. “Pursuant to the…
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The Canadian Organizing Committee for the 24th World Petroleum Congress (“OCAN”) is pleased to announce numerous milestones ahead of hosting the Congress in Calgary, Canada from September 17 – 21, 2023. Key milestones include recognition of the initial industry and government sponsors and partners which will underpin the success of the Congress, selection of keynote speakers for the Strategic Programme…
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ISLAMABAD, December 16, 2022: While continuing with its mission to ensure health facilities to the local communities, the Oil and Gas Development Company Limited (OGDCL), in collaboration with the Fatimid Foundation, has laid the foundation of a thalassemia center in Dera Ismail Khan.The OGDCL CSR department is striving to improve the livelihood of the communities through welfare initiatives in various…
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The Chinese government has reportedly urged Islamabad to review IPPs committee report prepared during Imran Khan’s tenure as they have come under much criticism, well-informed sources told Business Recorder. Beijing’s concerns were recently conveyed by the Chinese ambassador to Pakistan, Nong Rong at a recent meeting with Prime Minister Shehbaz Sharif. According to IPPs report prepared by Muhammad Ali Committee,…
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