Year: 2022

Provinces Raise Objection To Pakistan Petroleum Upstream Regulatory Authority Bil

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The provinces have raised objection to Pakistan Petroleum Upstream RegulatoryAuthority bill, saying provinces were not taken on board regarding the amendment in the bill.In the meeting of NA committee on energy, the province of Khyber Pakhtunkhwa has raisedobjection to Weighted Average Cost of Gas (WACOG), saying that it is unjustified and will increasethe burden of the provinces.The 15th meeting of the National Assembly’s Standing Committee on Energy (PetroleumDivision), which was held under the chairmanship of Dr Imran Khattak, was informed by itsmember MNA Shahzain Bugti that OGDCL is not paying…

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Country’s oil, gas reserves drop 6pc in Dec

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Country’s total proven oil and gas reserves fell six percent in December FY2022, for the most part owing to an over a decade-long drought of big discoveries and unabated consumption, analysts report said on Friday. The decline in reserves comes at a time when international hydrocarbon prices are hovering around their highest levels, causing hardship for the countries like Pakistan, which are highly dependent on imported oil and gas. As per the latest hydrocarbon reserves data by Pakistan Petroleum Information Services (PPIS), oil reserves during the month under review dropped…

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Petroleum policy to be rehashed to attract E&P investment

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Pakistan is considering amending its petroleum policy to offer more incentives to foreign local oil and gas exploration and production firms as a number of them have pulled up their stakes from the country over last several years, negatively impacting energy sector, The News has learnt. To this effect, the Cabinet Committee on Energy (CCoE) that met under the chair of Federal Minister for Planning, Development, & Special Initiatives Asad Umar, formed a special purpose committee to review oil and gas exploration status and analyse the amendments required in the…

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Saudis Could Hike Prices For Their Oil To Highest Spreads On Record

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Saudi Arabia, the world’s largest oil exporter, could raise its official selling prices for Asia for April to the highest differentials to benchmarks on record, as buyers scramble to secure additional crude from the Middle East amid toxic Russian cargoes after Putin’s invasion of Ukraine. The Saudis are expected to raise significantly their official selling prices (OSPs), and Arab Light—the Kingdom’s flagship grade—could see its price for Asia next month at as much as $4.50 per barrel over the Oman/Dubai average, which would be a record high differential, three of…

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Europe eyes costly options to live without Russian natural gas

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Western European nations are scrambling for ways to live without Russian natural gas, bracing for the possibility that either the Kremlin switches off the taps or political pressure for tighter sanctions erupts into a full energy embargo. With Russian troops advancing into Ukraine, European Union governments are concerned that the source of 40% of the region’s gas could either be interrupted in the fighting or by economic measures to contain Russian President Vladimir Putin. “We need to wean ourselves of the dependency on Russian gas and oil and we need…

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