Month: July 2024

POL Discovers Oil and Gas Reserves in Kohat District

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oil price

ISLAMABAD: Pakistan Oilfields Limited (POL) has announced the discovery of significant hydrocarbon reserves at its Razgir-1 exploratory well in Kohat district, Khyber Pakhtunkhwa. POL, a subsidiary of Attock Oil Company Limited, shared the news with the Pakistan Stock Exchange (PSX) on Monday. The Razgir-1 well, part of the TAL block operated by MOL Group, was spudded on January 9, 2024, and drilled to a depth of 3,950 meters. The Drill Stem Test (DST) of the Lumshiwal formation revealed the well’s potential, producing 20 MMscf of gas per day and 250…

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K-Electric Seeks Petroleum Division’s Support for Mari Gas Supply

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mari-petrolium

ISLAMABAD: K-Electric (KE) has requested the Petroleum Division’s assistance to secure 100 MMSCFD of surplus indigenous gas from Mari Petroleum Company Limited (MPCL), following the expiry of MPCL’s contract with SNGPL. KE referenced its November 3, 2023, letter requesting gas allocation for its fleet and initiated discussions with gas exploration companies including Mari, PPL, PEL, Eni, OGDCL, and MoI. KE’s Chief Strategy Officer, Shahab Qader Khan, highlighted that Mari has 100 MMSCFD of available gas. Allocating this gas to KE could significantly reduce the utility’s generation costs. The price of…

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Government to Privatize Three Power Firms

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Chinese-power

ISLAMABAD: Privatization Minister Abdul Aleem Khan announced on Saturday that three power companies will be privatized, emphasizing a transparent and timely process. In a meeting of the Privatisation Commission Board, issues related to the privatisation of Discos and other state-run companies, including Pakistan International Airlines, were discussed. The board unanimously decided to privatize three power generation companies in the first phase, with all legal matters to be completed by January next year. The board also approved hiring financial advisers for these Discos to move the process forward. Minister Khan highlighted…

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Power Division Denies Free Electricity for Lawmakers

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Power-Projects

ISLAMABAD: The Power Division has denied allegations that parliamentarians receive free electricity, stating in an official announcement that no such facility is provided to lawmakers or any government institution. The denial follows a privilege motion submitted by several MNAs who were accused of availing free electricity. The MNAs clarified that they pay rent and cover their own electricity and gas bills for accommodation at the Parliament Lodges. Amid circulating reports in the media, the MNAs met with NA Speaker Ayaz Sadiq, requesting him to issue a rebuttal and address the…

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Miftah Ismail urges govt to waive taxes on domestic bills for four months to phenomenally reduce electricity cost

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Miftah-Ismail

Leader of the newly established political entity, Awam Pakistan Party (APP), and former Federal Finance minister, Dr Miftah Ismail, has urged the government to waive for the next four months advance income tax and sales tax recovered from the domestic consumers as part of their electricity bills to phenomenally decrease the electricity rates in the country.Speaking at a press conference here at the Press Club on Saturday, the former Finance minister said that his suggestion of withdrawing the taxes on domestic power consumers would help in reducing the electricity rates…

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