Month: September 2024

Govt Developing Formula to Reduce Power Rates: Petroleum Minister

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Gas-Project

Reko Diq Investment Deal Near Completion$10bn Refinery Project Under ConsiderationISLAMABAD: The government is finalizing a new blended gas pricing mechanism aimed at reducing power costs by merging liquefied natural gas (LNG) pricing with wellhead and pipeline gas. This will ensure competitive rates across all consumer categories, as disclosed by Petroleum Minister Dr. Musadik Malik. Speaking to the media, Dr. Malik revealed that a major investment deal on the Reko Diq mining project is at an advanced stage. Additionally, the government is considering establishing a $10 billion greenfield refinery for petroleum…

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Historic Consortium Agreement Signed for Machike-Thalian-Taru Jabba White Oil Pipeline Project

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Oil-Pipeline

In a significant development for Pakistan’s energy infrastructure, the signing ceremony of Consortium Agreement between the Stakeholders for Machike-Thallian-Tarujabba White Oil Pipeline Project has been held on September 4,2024 at SIFC Secretariat, PM Office. The ceremony was witnessed by Federal Minister for Petroleum Dr. Musadik Malik , DG Special Investment Facilitation Council (SIFC) Major General Asad Rehman and Chairman OGRA Masroor Khan. The heads of consortium entities i.e. MD Pakistan State Oil (PSO) Syed Muhammad Taha, DG Frontier Works Organization (FWO) Major General Abdul Sami, signed the historical Consortium Agreement.…

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Privatisation Crucial for Reforming DISCOs: Experts Advocate KE Model for Better Governance

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Power-sector

ISLAMABAD: Energy experts are calling for the privatisation of Pakistan’s electricity distribution companies (DISCOs) as a vital step toward their reform. During a consultation organized by the Parliamentary Forum on Energy and Economy, stakeholders discussed the future of DISCOs, emphasizing the need for improved governance and efficiency. National Assembly Speaker Ayaz Sadiq highlighted the challenges posed by high power tariffs, noting that previous issues with loadshedding have hindered investment and exacerbated inefficiencies in the energy sector. Shaheera Tahir from PRIED recommended using K-Electric (KE) as a blueprint to enhance accessibility…

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Significant Gas Reserves Discovered in North Waziristan: Shewa-2 Well to Boost Domestic Production by Over 3%

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Mari-Petroleum

KARACHI: Pakistan has made a major breakthrough in its energy sector with the discovery of substantial gas reserves estimated at 351.2 billion cubic feet (BCF) in the Shewa fields of North Waziristan. This new find is expected to contribute 70 million cubic feet per day (mmcfd) to the national grid, increasing the country’s domestic gas production by over 3% daily and reducing reliance on costly fuel imports. According to Mari Petroleum‘s 2024 Annual Report, the Shewa-2 well will begin injecting gas into the system following the completion of a new…

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NEPRA Restricts IPP Contract Extension Debate, Citing Inappropriate Forum

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KE’S- 7-YEAR- INVESTMENT-ROADMAP

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) Chairman on Tuesday barred participants from discussing the renewal of independent power producers’ (IPPs) contracts during a public hearing, stating that it was not the appropriate forum for such a debate. During the hearing, interveners raised concerns about the capacity payments charged by IPPs and called for a forensic audit of their operations. The Chairman, however, redirected the focus away from contract renewals, while the businessmen running the IPPs faced criticism for inefficiencies that allegedly led to a multibillion-rupee burden on consumers…

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