Month: July 2024

Lack of Interest in Offshore Oil and Gas Drilling by Foreign Firms

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oil-gas

ISLAMABAD: The National Assembly’s Standing Committee on Energy (Petroleum Division) was informed on Thursday about the dwindling interest of international companies in offshore oil and gas exploration in Pakistan. This follows the dry well result of Kekra-1 in 2019. Chaired by Syed Mustafa Mehmood, the committee session focused on understanding the reasons behind this decline. Petroleum Minister Musadik Malik explained that major oil and gas companies are exiting Pakistan, primarily due to challenges in ease of doing business and security concerns. “Companies face significant security costs in exploration areas, impacting…

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Ahsan Iqbal Urges Swift Action on CPEC 2.0

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New-CPEC

ISLAMABAD: Minister for Planning, Development, and Special Initiatives, Professor Ahsan Iqbal, chaired a meeting on Thursday to review the progress of China-Pakistan Economic Corridor (CPEC) projects, particularly the decisions made during Prime Minister Shehbaz Sharif’s recent visit to China. “There is complete agreement between the leaderships of China and Pakistan on the second phase of CPEC, also known as CPEC 2.0,” stated Iqbal. Highlighting his recent visit to China, Iqbal noted the continuation of discussions initiated by the Prime Minister with Chinese leaders, focusing on strategic implementation to ensure the…

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Govt to Consult UAE on $1.3 Billion PARCO Investment for Hydrocracker Unit

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PARCO-Project

ISLAMABAD: The Cabinet Committee on Energy (CCOE) has decided to engage with the United Arab Emirates (UAE) regarding a planned $1.3 billion investment in Pak Arab Refinery Limited (PARCO). The investment aims to establish a hydrocracker unit to convert furnace oil into petrol and diesel. During a recent CCOE meeting, economic managers emphasized the importance of sending a delegation to the UAE for consultation. They also discussed extending the deadline for refineries to sign agreements for upgrading their plants under the new refinery policy. Three refineries—Attock Refinery Limited, National Refinery…

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Karachi Endures Severe Heatwave and Prolonged Power Outages

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New-Project

KARACHI: Amid an unprecedented heatwave, Karachi residents are facing severe power outages, with temperatures soaring to a scorching 50°C and sea breezes coming to a halt. The intense heat has exacerbated breathing difficulties and added to the distress caused by prolonged power load-shedding. Despite directives from the Sindh government and the Karachi commissioner to reduce load-shedding during the heatwave, K-Electric has continued extensive power cuts, leaving residents without electricity for 10 to 12 hours daily. The power utility company claimed that 71% of feeders are exempt from load-shedding, but many…

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Govt Likely to Adjust Net Metering Buyback Rate to Average Energy Cost

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solar-energy

ISLAMABAD: The government is considering setting the buyback rate of net metering at the average energy cost, aiming to extend the payback period from three to five years. This was discussed in an online seminar titled “Net Metered Distributed Generation: Challenges, Solutions, and Way Forward,” organized by The Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH (GIZ), the main German development agency. The event brought together key stakeholders from the power sector, including the Power Division, National Electric Power Regulatory Authority (NEPRA), Central Power Purchasing Agency (CPPA), Power Distribution Utilities (Discos), Power…

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