Day: September 24, 2024

Govt Withdraws 35% Gas Sale Plan, Sets New Guidelines for E&P Firms

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Petroleum

ISLAMABAD: The Petroleum Division has retracted its proposal under the amended Exploration and Production (E&P) Policy 2012, which allowed exploration companies to allocate 35% of future gas discoveries to the private sector over seven years, concluding by 2030. Instead, new guidelines require E&P companies to first recover depleted gas before selling 35% of additional output to the private sector. A benchmark pricing mechanism is also being developed to regulate private sector sales. While the Petroleum Division supports deregulating the oil and gas sector, concerns remain over unfair competition for state…

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Malaysia’s PM to Visit Pakistan in October for Talks on Green Energy

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Malaysia-PM

ISLAMABAD: Malaysian Prime Minister Anwar Ibrahim is expected to visit Pakistan from October 2-4, 2024, following an invitation from Prime Minister Shehbaz Sharif, according to well-placed sources. The visit will feature high-level discussions aimed at strengthening bilateral relations across various sectors, including trade, energy, and green technology. Pakistan is set to present a list of green energy projects for potential cooperation with Malaysia. Key topics on the agenda include enhancing collaboration in science and technology, IT, education, and the recruitment of Pakistani professionals in Malaysia. Both countries will also explore…

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81 Industrial Units Shut Down in Sindh Over Five Years Due to Power Crisis, Sindh Assembly Told

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Sindh-Assembly

KARACHI: The Sindh Assembly was informed on Monday that 81 industrial units, including 10 textile mills and five sugar mills, had closed over the past five years due to the ongoing electricity crisis in the province. Parliamentary Secretary for Industries and Commerce, Ali Ahmed, shared the details while responding to lawmakers’ questions, acknowledging that the power shortage had significantly impacted industrial activity, leaving industrialists deeply concerned. Leader of the Opposition, Ali Khurshidi, expressed dissatisfaction with the responses provided, particularly regarding how many industrial units had been closed or established between…

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Construction Progress on Dasu Hydropower Project: 15 Key Work Fronts Advancing Steadily

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September 24, 2024 – Chairman WAPDA, Engr Lt Gen Sajjad Ghani (Retd), emphasized the critical importance of the Dasu Hydropower Project in addressing Pakistan’s energy needs with clean, green, and affordable hydropower. He urged for focused efforts to ensure timely project completion during his recent visit to the construction site in Upper Kohistan, Khyber Pakhtunkhwa. The Chairman inspected key project areas, including the left and right abutments of the main dam, the underground powerhouse, the transformers cavern, and the relocated Karakoram Highway (KKH-I). He received detailed briefings on progress across…

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OGDCL Announces Financial Results for Year Ended June 30, 2024, Achieving Highest Ever Quarterly Dividend in Company’s History

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ogdcl

ISLAMABAD, September 23, 2024: The Board of Directors of Oil & Gas Development Company Limited (OGDCL), in its meeting held on Monday, September 23, 2024, in Islamabad, announced the financial results for the fiscal year ended June 30, 2024.OGDCL achieved net sales revenue of Rs. 463.698 billion, with a profit after tax of Rs. 208.976 billion, translating to earnings per share (EPS) of Rs. 48.59. This strong financial performance reflects OGDCL’s commitment to operational excellence amidst a challenging economic and energy environment.The Board of Directors announced a final cash dividend…

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