Month: July 2024

PPL Announces Significant Gas Discovery at Khairpur

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New-PPL

KARACHI: Pakistan Petroleum Limited (PPL) has announced a significant gas discovery from the exploratory well Tor-1 in the Latif Block, located in Khairpur District, Sindh Province. The Tor-1 well, operated by United Energy Pakistan Beta (UEP Beta) with a 33.40% working interest, along with joint venture partners PPL and Prime Pakistan Limited, each holding a 33.30% interest, successfully reached its target depth of 3,438 meters (measured depth) after being spud-in on May 5, 2024. According to material information sent to the Pakistan Stock Exchange on Tuesday, the well’s Wireline logs…

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Petroleum Demand Plummets to 18-Year Low Amid Economic Slowdown

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Petroleum-Demand

KARACHI: Petroleum demand in Pakistan has hit an 18-year low, with consumption falling to 15.3 million tonnes in the fiscal year 2023-24, which ended on June 30. Despite this decline, the government has collected an estimated Rs1 trillion in petroleum development levy (PDL) over the year. The drop in demand is attributed to the PDL of Rs60 per litre on petrol and diesel, combined with the full pass-through of global energy price hikes to local consumers. Additionally, the economic slowdown, sluggish industrial output, high inflation, and elevated interest rates have…

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Petroleum Dealers Announce Nationwide Strike Over Controversial Tax

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Strike-Petroleum

ISLAMABAD: The Pakistan Petroleum Dealers Association (PPDA) has announced a countrywide strike on July 5 to protest the 0.5% advance turnover tax introduced in the latest budget. Despite the government’s acknowledgment of the error and assurance of the tax’s withdrawal, the PPDA remains steadfast in its protest plans. In response, the government has instructed oil marketing companies (OMCs) to maintain adequate petroleum product stocks at company-operated stations to avoid supply disruptions and public inconvenience. Two PPDA delegations, led by Abdul Sami Khan from Karachi and Hassan Shah from Lahore, met…

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Edhi Foundation Shifts Mortuaries to Solar Energy Amid Rising Bills and Heatwaves

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EDHI-Foundation

Karachi: In response to the increasing deaths due to extreme heatwaves and rising electricity bills in Karachi, the Edhi Foundation has decided to transition its mortuaries to solar energy. Speaking to Independent Urdu, Edhi Foundation head Faisal Edhi stated that the decision was prompted by the sharp increase in electricity bills and persistent load-shedding. The foundation has installed an 18 kW solar system to power the air conditioning at its two Sohrab Goth mortuaries. “Previously, the electricity bill for the Sohrab Goth mortuary was around 1.5 million PKR per month,…

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OGDCL Collaborates with NCSW for Women Empowerment and Growth

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OGDCL-Meeting

ISLAMABAD, July 02, 2024: Oil and Gas Development Company Limited (OGDCL) has partnered with the National Commission on the Status of Women (NCSW) to empower women and foster their growth within the company.Mr. Ahmed Hayat Lak, MD/CEO of OGDCL, and Ms. Nilofar Bakhtiar, Chairperson of NCSW, on Tuesday, signed a Letter of Intent (LoI) to formalize this collaboration. The LoI signing ceremony was held at the OGDCL Head Office in Islamabad. This strategic partnership underscores OGDCL’s commitment to recognizing and honoring the invaluable contributions of women within its operations.Earlier this…

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