Year: 2023

OGDCL Finds 3.29 bcf of Gas Reserves in Guddu

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Oil and Gas Development Company Limited (OGDCL) has discovered a hydrocarbon-rich field in Sindh having estimated reserves of 3.292 billion cubic feet (bcf) of gas. Commercial production from the new discovery is poised to start in June this year. However, the company is seeking a one-year extension in the testing phase for the Umair SE-1 Guddu discovery. OGDCL was granted an exploration licence for the Guddu block in May 1999 in accordance with the Petroleum Exploration and Production Policy 1997 and under the Pakistan Petroleum (Exploration and Production) Rules 1986.…

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Ogra refutes reports of petrol shortage, says sufficient stock available

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petrol

The Oil and Gas Regulatory Authority (Ogra) denied reports of petrol and diesel shortages on Tuesday, saying that sufficient stocks were available in the country. “Ogra strongly rebuts the speculations on petrol/diesel shortages,” spokesperson Imran Ghaznavi said in a press release. He said enough stocks were available to fulfil petrol demand for the next 18 days and diesel demand for the next 37 days. “Furthermore, ships carrying 101,000 metric tonnes petrol are at berth/outer anchorage,” the press release added. “The local refineries are playing their due role in meeting the…

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Natural Gas Prices Under Pressure As Production Climbs

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Despite market rumors suggesting a restart might be delayed again, Freeport LNG is sticking to its original pledge of resuming production in the second half of January. – Freeport LNG is the US’ second largest gas liquefaction facility with three trains and a 15 mtpa capacity. Since its explosion in June 2022 overall exports out of the US dropped by 15%. – The wider gas market increasingly expects the January restart to be delayed after the US Federal Energy Regulatory Commission did not provide a formal reply to Freeport’s assessment…

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Import of Goods-Cases at Port or In Transit

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بینک دولت پاکستان نے کاروباری اداروں کی سہولت کے لیے مخصوص درآمدی سامان (ایچ ایس کوڈ چیپٹرز 84، 85 میں آنے والی اشیا اور ایچ ایس کوڈ چیپٹر 87 کے تحت بعض اشیا) کی پیشگی منظوری کی شرط واپس لے لی ہے اور اس کی جگہ بینکوں کو عمومی ہدایت جاری کی ہے کہ خوراک، دوا، توانائی وغیرہ جیسی ضروری اشیا کی درآمد کو ترجیح دیں۔ کاروباری برادری نے، بشمول مختلف تجارتی تنظیموں اور چیمبرز آف کامرس کے، یہ بات اجاگر کی ہے کہ درآمدی اشیا لے کر آنے والے…

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Monetary Policy Statement

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At today’s meeting, the Monetary Policy Committee (MPC) decided to increase the policy rate by 100 basis points to 17 percent. The committee noted that inflationary pressures are persisting and continue to be broad-based. If these remain unchecked, they could feed into higher inflation expectations over a longer-than-anticipated period. The MPC stressed that it is critical to anchor inflation expectations and achieve the objective of price stability to support sustainable growth in the future. Since the last meeting, the MPC particularly noted three important economic developments. First, despite some moderation…

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