Day: August 22, 2024

Clarification Regarding False News About Gas Discovery by MPCL

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mari-petrolium

MPCL would like to address and clarify recent misinformation circulating about a supposed gas discovery by Mari Petroleum Company Limited (MPCL) in Chagi, Balochistan. We categorically deny these reports and confirm that no such discovery has been made or claimed by MPCL.As a responsible and reputable organization, MPCL is committed to the highest standards of transparency and disclosure. We urge everyone to be vigilant and verify the accuracy of information before sharing or publishing.MPCL will continue to provide accurate and timely updates about our operations and achievements through our official…

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Karachi Residents to Face Higher Electricity Bills in October and November

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Your-Bill

ISLAMABAD: Karachi residents are set to experience a significant hike in their electricity bills in October and November, following a decision by the National Electric Power Regulatory Authority (Nepra). The regulatory body has approved K-Electric’s request to impose additional charges of Rs2.5934 per unit in October and Rs3.1688 per unit in November, leading to a total increase of Rs5.763 per unit. These increases stem from monthly fuel charge adjustments (FCA) for May and June 2024, resulting in an added burden of approximately Rs10.6 billion on consumers, which could rise to…

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Pakistan to Auction 20 Offshore Blocks for Oil and Gas Exploration

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oil price

ISLAMABAD: In a bid to address the nation’s escalating energy needs, Pakistan is set to auction 20 offshore blocks for oil and gas exploration, Petroleum Minister Musadik Malik informed a parliamentary panel on Wednesday. This marks the first time the country will auction offshore blocks, with the government hopeful of discovering new reserves. Minister Malik, speaking at the National Assembly’s Standing Committee on Energy (Petroleum Division), chaired by Syed Mustafa Mehmood, also announced accelerated efforts in onshore tight gas exploration. New incentives have been introduced to attract companies, as previous…

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CPPA-G Seeks Settlement of Rs151bn ‘Irregular’ Payment to KAPCO Audit Para Dispute Arises Over Extended Power Purchase Agreement

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KAPCO-Audit

ISLAMABAD: The Central Power Purchasing Agency–Guaranteed (CPPA-G) has requested the Auditor General to settle an audit para concerning an “irregular payment” of Rs151 billion made to Kot Addu Power Company (KAPCO) due to an unauthorized extension of its Power Purchase Agreement (PPA) without approval from the National Electric Power Regulatory Authority (NEPRA). KAPCO, privatized in 1996, had its original PPA signed on June 27 of the same year, with a 25-year term. However, disputes over liquidated damages (LDs) and delayed payments led to a complex situation, ultimately resolved through negotiations…

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Gas Tariff Hike Spares 66% of Consumers, Says Petroleum Minister Musadik Malik Defends Tiered Pricing System to Manage Circular Debt

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Musadik-Malik

ISLAMABAD: Petroleum Minister Musadik Malik assured that 66 percent of gas consumers remain unaffected by recent tariff hikes, thanks to the tiered pricing system. Addressing a parliamentary committee chaired by Syed Mustafa Mehmood, Malik explained that indiscriminate reductions in gas prices would only worsen the country’s circular debt. He emphasized the importance of maintaining balanced tariffs, noting that targeted subsidies are crucial for managing financial losses while protecting low-income households. During the discussion, Malik also addressed concerns about the management of state-owned petroleum companies, clarifying that three firms have been…

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