Year: 2023

EU Report ISLAMABAD: Oil and Gas Development Company Limited (OGDCL), during six months (June-December 2022), has made almost six discoveries through joint ventures with other companies with accumulative initial tested flow of around 4,407 Barrel of Oil per Day (BOPD) and 10.036 Metric Million Standard Cubic Feet per Day (MMSCFD) Gas. On June 15, 2022, the company announced the discovery of a new gas reservoir in the district Ghotki of Sindh province, according to the data available with APP. The company as an operator, with 70 percent shares, found the deposit at an exploratory well namely Umair South East # 01, where Drill Stem Test-1 in HRL (Habib…

The OCAC in a letter to the federal government highlighted the challenges being faced by the oil companies due to the shortage of petroleum products, US dollars, rupee devaluation and limited issuance of letters of credit (LCs) for imports. The advisory council expressed serious concern over the devaluation of the rupee due to which OCAC is facing a loss of over billions on daily basis. Moreover, the unavailability of dollars is interrupting the supply chain and production of petroleum companies. READ: OIL COMPANIES SOUND ALARM ON FUEL SHORTAGE IN LETTER…

The Canadian and Chilean gold mining companies dropped their $5.9 billion damage claim against Pakistan after Islamabad gave them the contract for the fifth-largest gold mine in the volatile province of Balochistan. In mid-December 2022, the Pakistani government, Barrick Gold, and Antofagasta PLC inked an agreement in London that handed the mining corporations half of the ownership rights of the Reko Diq gold mines in Pakistan’s northeastern Balochistan province, with the remaining half belonging to the federal and Balochistan provincial governments. The agreement calls for the “reconstruction of the Reko Diq project…

The government has approved a 10-year plan to incorporate an additional power generation capacity of 36,292 MWs into the system, including Karachi, at estimated investment of over $50 billion. Besides increasing the generation capacity, the government will substantially reduce its reliance on imported fuels to ensure the country’s energy security and save multi-billion dollars it spends every year on its import. Currently, the share of energy purchases from abroad in total imports is more than 40pc. The National Transmission and Despatch Company (NTDC) prepared the ten-year Indicative Generation Capacity Expansion…