Year: 2024

OMCs Seek PM’s Urgent Intervention to Avert Industry Collapse

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PETROLEUM

LAHORE: The Oil Marketing Association of Pakistan (OMAP) has appealed to Prime Minister Shehbaz Sharif to urgently address critical challenges threatening the petroleum sector’s stability and survival. In a letter to the PM, OMAP Chairman Tariq Wazir emphasized the dire state of the industry, citing prolonged inaction on key issues. He warned that the neglect of oil marketing companies (OMCs), especially emerging players, jeopardizes competition, innovation, and energy security. “The petroleum sector is the backbone of Pakistan’s economy, and its collapse would have catastrophic consequences for energy security and economic…

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Dar-led Committee to Devise Strategy for Power Tariff Reduction

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electricty

ISLAMABAD: Prime Minister Shehbaz Sharif has established a seven-member committee, headed by Deputy Prime Minister Senator Ishaq Dar, to develop a strategy for reducing power tariffs by lowering taxes in alignment with discussions held with the International Monetary Fund (IMF). The committee comprises Economic Affairs Minister Ahad Khan Cheema, Finance Minister Senator Muhammad Aurangzeb, Power Minister Awais Leghari, Secretary Power Dr. Muhammad Fakhr e Alam Irfan, Secretary Petroleum Momin Agha, and Chairman FBR Rashid Langrial. Key considerations include reducing taxes from January to June 2025, which could result in an…

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Revised Deals with Bagasse-Based IPPs to Save Rs238 Billion

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IPPs

ISLAMABAD: The federal cabinet has approved revised agreements with eight bagasse-based Independent Power Producers (IPPs), a move expected to save Rs238 billion over their operational lifespan. Under the new terms, the IPPs will reduce the working capital tariff component by 50% and adjust the return on equity (ROE) and return on equity during construction (ROEDC) to 17% annually, calculated at a rupee-dollar exchange rate of 168, with no future dollar indexation. These changes will take effect from October 31, 2024. To address energy shortfalls, the agreements stipulate that debt servicing…

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OGDCL Announces Production Commencement from Kunnar West Well-03 in Hyderabad, Sindh

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Sindh-ogdcl

ISLAMABAD, December 19, 2024: Oil and Gas Development Company Limited (OGDCL), Pakistan’s leading exploration and production company, on Thursday announced the commencement of production from its Kunnar West Well-3, located in the Hyderabad district of Sindh.The well, brought into production at a wellhead flowing pressure (WHFP) of 1200 PSI with a 32/64” choke size, is currently producing 3.5 million standard cubic feet per day (MMSCFD) of gas, 30 barrels per day (BPD) of condensate, and 3.8 metric tons per day (MTD) of liquefied petroleum gas (LPG). The gas output has…

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Energy and Economy Forum Highlights Key Energy Sector Challenges

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Energy-and-Economy

Energy and Economy Forum Highlights Key Energy Sector Challenges December 19, 2024 Islamabad, December 19, 2024 – The Energy and Economy Parliamentary Forum convenes its third meeting in the Parliament House, chaired by Dr Nafisa Shah, and co convened by Arbab Sher Ali and Shezra Mansab Ali and attended by Senator Sadia Abbasi and MNAs Mubeen Jutt, Danial Chaudhry, Dr Amjad Ali. The meeting reiterated that comprehensive and all encompassing energy reforms were the need of the hour and agreed to convene a parliamentary consultation to review the ongoing negotiations…

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