Month: August 2024

Oil, gas depletion trend reverses

Admin
oil price

New finds, rise in available reserves boost lifespan of hydrocarbon deposits. KARACHI: In a surprising turnaround, Pakistan has reversed the historical trend of depleting oil and gas reserves as it reported a 26% boost in crude oil deposits and a 2% increase in gas reserves in the six-month period ended June 30, 2024.New discoveries and an upward revision in recoverable reserves have bolstered by one year the lifespan of oil and gas deposits to 10 years and 17 years, respectively.Citing data compiled by the Pakistan Petroleum Information Service (PPIS), Optimus…

Read More

IPPs not to blame for tariff hike: Leghari

Admin
awais-lagari

Power minister says govt negotiating new terms with independent power producers Federal Minister for Energy Awais Ahmed Khan Leghari has defended the independent power producers (IPPs), asserting that these private entities are not responsible for the rising cost of electricity in the country.“The IPP policy is not the cause of expensive electricity,” Leghari told Voice of America during an exclusive interview. “The high cost of electricity is not due to any government or past policies [either] but rather the result of the country’s poor economic condition.”According to the minister, the…

Read More

PD working on Reko Diq project transaction

Admin
Reko-Diq

ISLAMABAD: Petroleum Division is reportedly in the process of initiating a summary for approval of Reko Diq Project transaction under Inter-Governmental Commercial Transaction Act (IGCTA) 2002, in coordination with Ministry of Law and Justice, well informed sources told Business Recorder.This was revealed at a recent high level meeting held to discuss progress on issues of petroleum sector.Unconfirmed reports suggest that Saudi Arabia’s Manara Minerals Investment Co. backed by the SSF (Saudi Sovereign Fund), whose delegation is also expected next month, has shown an interest in acquiring $1billion shares in Reko Diq…

Read More

Fuel price adjustment row: SECL has refused to pay dues to SNGPL?

Admin
Your-Bill

ISLAMABAD: M/s Sapphir Electric Power Company Limited (SECL) is said to have refused to make payment of outstanding amount to Sui Northern Gas Company Limited (SNGPL) against LNG supply in May 2015 unless Nepra determines its fuel price adjustment based on OGRA’s clarification.SECL has established 225-MW (gross) with net capacity of 209-MW combined gas-fired power plant on the basis of Gas Supply Agreement (GSA) with SNGPL signed on January 24, 2007.Both companies; i.e., SNGPL and SECL are fighting with each other on payment of fuel (gas) supply in May 2015.The…

Read More

Solar Power Conclave and Technology Awards to be Held on August 28th in Lahore

Admin
Solar-Award

Lahore, August 24, 2024 – The highly anticipated Solar Power Conclave and Technology Excellence Awards 2024, set for August 28, 2024, in Lahore, will bring together key figures from Pakistan’s renewable energy sector. Organized by Energy Update, this event will unite industry experts, policymakers, and innovators to discuss the future of solar energy in Pakistan and to honor the outstanding achievements in the field. Supported by leading industry bodies, including the Private Power Infrastructure Board (PPIB) and the Pakistan Solar Association (PSA), the event will be graced by Sardar Saleem…

Read More