Year: 2022

What could well turn out to be the last bid received for LNG spot tenders under this government, bids offered at $34.7 and $33.5/mmbtu, will go down as the highest ever received. Needless to say, the bids at such exuberant rates will not be entertained. This is fivefold higher than the cargoes secured from the spot market in the same period last year. That is how wildly has the international gas market behaved in the last few months. Recall that Pakistan has also struggled to secure shipments from its long-term…

The power crisis across the country has intensified as the overall electricity shortfall reached 5000 megawatts, ARY News reported on Thursday. According to sources, the unannounced load-shedding has begun across the country as the electricity shortfall has reached 5000MW. Sources privy to the development said that several power plants working on gas, coal and furnace oil have been closed. The duration of load-shedding in Punjab has reached 3 to 10 hours. Lahore Electricity Supply Company Limited (LESCO) is facing shortage of 1000mw as the demand is 4,100mw and the available…

The government has so far released funds amounting to Rs1,949.72 million to executeseven ongoing and six new petroleum-related projects under the Public Sector DevelopmentProgramme (PSDP 2021-22) against total allocation of Rs 3,249.54 million.Out of the total disbursement of Rs 1,949.72 million, around Rs313.43 million have been spent on thepetroleum during an eight-month period (July-February) of the current fiscal year to accelerate oil andgas exploration activities and achieving self-sufficiency in the energy sector., according to official dataavailable with APP.As per the PSDP document, funds amounting to Rs1,473.683 million had been earmarked…

Oil and Gas Regulatory Authority (OGRA) held a public hearing at Lahore on March 30, 2022, at PC Lahore to consider Sui Northern Gas Pipelines Limited (SNGPL)’s petition for Determination of its Estimated Revenue Requirements / prescribed prices for the next fiscal year. The petitioner has projected the average Prescribed Price at Rs920.88/mmbtu for FY 2022-23. The petitioner has also requested Rs1,172.01/mmbtu on account of previous years’ shortfall. Accordingly, the aggregate average prescribed price has been requested at Rs2,074.89 per MMBTU including previous years’ shortfall in the natural gas business.…