Year: 2022

SNGP to add newly discovered gas to grid within FY23

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The Sui Northern Gas Pipelines Ltd (SNGPL) on Friday said it would connect new gas fields, discovered near North Waziristan and Lakki Marwat areas of Khyber Pakhtunkhwa, to the system within the next fiscal year, which would help fill demand-supply gap. The Board of Directors of SNGPL in their meeting, dated June 16, 2022, approved the project to lay a 295km-long pipeline from the new gas fields to the state-owned company’s transmission network injection point. The estimated cost of the project is Rs23.4 billion, while it is expected to be…

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Over-dependence on LNG, a risk to Pakistan’s energy, financial security

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But rather than simply replacing one form of gas with another -the shift to imported LNG- undermines the country’s energy security and financial stability,” Institute of Energy Economics & Financial Analysis (IEEFA)’s latest report on Pakistan finds. IEEFA estimates that Pakistan’s LNG imports could rise to more than $32 billion by FY2030, up from nearly $2.6 billion in FY2021, according to report co-authors and energy finance analysts Haneea Isaad and Samuel Reynolds. “LNG sourced from global markets has become 5 to 10 times more expensive than domestically produced gas in…

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Oil Prices Fall On Biggest Fed Rate Hike Since 1994

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In its largest hike since 1994, the Federal Reserve raised rates by three-quarters of a percentage point, or 75 basis points, with oil prices responding by drawing down just under 1%.  Wall Street had largely anticipated a 75-basis point hike, and oil prices were down 1% on Wednesday, ahead of the Fed meeting, regaining some ground by the time of the rate hike announcement.  At 2:13 p.m. EST, just minutes after the Fed release, Brent was trading down 0.62% on the day, at $120.42. WTI was trading at $118.10, down 0.70%. The…

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IEA Sees Oil Demand At Record High In 2023

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Oil demand growth is set to accelerate next year, with global demand averaging a record 101.6 million barrels per day (bpd) and exceeding pre-COVID levels, the International Energy Agency (IEA) said on Wednesday in its first outlook for 2023.   “While higher prices and a weaker economic outlook are moderating consumption increases, a resurgent China will drive gains next year, with growth accelerating from 1.8 mb/d in 2022 to 2.2 mb/d in 2023,” the IEA said in its closely-watched Oil Market Report for June published today. Next year, global oil supply may…

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OGDC Finds Gas

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Oil and Gas Development Company Ltd (OGDC) said on Wednesday the joint venture of Guddu Block — in which the company is an operator with a 70 per cent stake — has discovered gas in an exploratory well called Umair South East-1 in Ghotki district of Sindh. A regulatory filing said Umair South East-1 was spudded in on May 9 to test the hydrocarbon potential of Pirkoh formation and Habib Rahi Limestone (HRL), it said. “Based on the results of wireline logs interpretation, successful drill stem test-1 in HRL has…

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