Month: April 2024

PM Establishes Committee to Review WACOG Mechanism for Gas Tariffs

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Gas-Project

In a significant move, the government is set to introduce the Weighted Average Cost of Gas (WACOG) mechanism to determine gas tariffs, blending local natural gas with imported RLNG. This initiative aims to reduce gas tariffs for various sectors in Punjab, high-end domestic consumers, and RLNG-based power plants, according to senior officials of the Energy Ministry. Prime Minister Shehbaz Sharif has formed an 11-member committee to finalize recommendations on the implementation of WACOG in gas tariffs. The committee includes the Minister of Petroleum as convener, along with members from the…

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Mari Petroleum Successfully Drills and Tests Appraisal Well in Mari Ghazij Formation

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mari-petrolium

Mari Petroleum Company Limited (MARI), a prominent energy and exploration company in Pakistan, has achieved another milestone by successfully drilling and testing an appraisal well in the Mari Ghazij formation located in Mari Development and Production Lease (D&PL), Sindh. In a notice to the Pakistan Stock Exchange (PSX) on Thursday, MARI announced the successful drilling and testing of the third appraisal well in the Ghazij formation within the Mari D&PL. The well, spudded in on February 15, 2024, reached a depth of 1,483 meters. It recorded a post-acid gas flow…

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PM Encourages Chinese Firms to Embrace Local Coal and Prioritizes Workers’ Safety

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Chinese-Firms

Islamabad: During a meeting with a delegation from the Shanghai Electric Group, Prime Minister Shehbaz Sharif reiterated the government’s commitment to ensuring the safety of Chinese workers in Pakistan. Led by Chairman Wu Lei, the delegation discussed ongoing projects and potential investments in the country. PM Shehbaz assured the delegation of full support to facilitate Chinese investors, particularly in transitioning power plants to use local coal resources. He emphasized the importance of increasing investment in coal mining and urged Chinese firms to shift their focus from imported to local coal…

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USAID Launches $10 Million Climate Financing Initiative in Pakistan

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Climate-Talks

The United States Agency for International Development (USAID) has announced the launch of the Pakistan Climate Financing Activity, a four-year initiative with a budget of up to $10 million. The program aims to enhance sustainability and climate resilience in Pakistan through innovative projects tailored to the country’s needs. At the launch event, USAID Deputy Mission Director Maura O’Brien highlighted the activity’s focus on evidence-based solutions to strengthen Pakistan’s ability to respond effectively to climate change challenges. Coordinator to PM on Climate Change Rumeena Khurshid also emphasized the importance of this…

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Climate Experts Dismiss Cloud Seeding as Cause of Powerful Gulf Storm

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Powerful-Gulf

A recent storm wreaked havoc in the United Arab Emirates and Oman, causing significant flooding and claiming several lives. Despite questions raised about cloud seeding possibly triggering the heavy rains, experts assert that global warming and natural weather patterns were the primary drivers behind the intense rainfall. The storm, which hit Oman initially before impacting the UAE, led to record rainfall and widespread disruptions. In Al Ain, a city bordering Oman, a historic 254 millimetres of rain fell within 24 hours, marking a record since data collection began in 1949.…

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