Year: 2024

Historic Shift: Mari Petroleum Overtakes OGDC”

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ojdc

Mari Petroleum has overtaken Oil & Gas Development Company (OGDC) to become the largest company on the Pakistan Stock Exchange (PSX) by market capitalization. Mari’s market value surged to Rs984 billion ($3.5 billion), driven by a 7% year-on-year increase in hydrocarbon sales. The company’s share in the gas market rose to 29%, with a profit-after-tax of Rs77.28 billion in FY24, reflecting a 38% YoY increase. According to a brokerage firm, Mari’s market value surged to Rs984 billion ($3.5 billion), surpassing OGDC’s Rs963 billion ($3.4 billion). This marks a significant shift,…

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“PM Directs Further Cut in Electricity Prices, Prioritizes Low-Cost Power Projects”

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Shahbaz-Sharif

Prime Minister Shehbaz Sharif has ordered a further reduction in electricity prices, emphasizing the need to prioritize low-cost power projects to provide relief to consumers. The premier’s directive comes as part of the government’s efforts to mitigate the impact of high electricity prices on consumers and industries. According to sources, the prime minister has instructed the relevant authorities to explore all possible options to reduce electricity prices, including a review of the existing power tariff structure. The prime minister also stressed the importance of prioritizing low-cost power projects, such as…

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“LCCI Urges Government to Scrap Fixed Charges, Taxes on Electricity Bills”

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LCCI-Project

The Lahore Chamber of Commerce and Industry (LCCI) has appealed to the government to eliminate fixed charges and taxes on electricity bills, citing the immense burden on industries and businesses. In a statement, LCCI President Kashif Anwar emphasized that the fixed charges and taxes on electricity bills are a significant obstacle to the growth of industries and businesses in Pakistan. “The government should reconsider its taxation policies and provide relief to the industries and businesses by scrapping the fixed charges and taxes on electricity bills,” Anwar urged. The LCCI president…

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UNIFORM GAS PRICING ON THE ANVIL

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Gas-tariff

Government Seeks Consensus Amidst PPP Protest ISLAMABAD: The government is actively pursuing a uniform gas pricing mechanism across Pakistan, sparking protests from the Pakistan Peoples Party (PPP). According to sources, the proposed pricing structure aims to deregulate the petroleum sector, eliminating disparities between local and imported gas prices. This move is expected to have significant implications for the energy sector. “The government is keen on introducing a uniform gas pricing mechanism to simplify the existing pricing structure and attract investment in the energy sector,” said a government official. However, the…

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OGDCL Announces Gas and Condensate Discovery at Bettani-02 Well in Lakki Marwat, Khyber Pakhtunkhwa

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ogdcl

ISLAMABAD, December 13, 2024: Oil and Gas Development Company Limited (OGDCL), Pakistan’s leading exploration and production company, on Friday announced a significant gas and condensate discovery in the Samanasuk Formation, an exploratory zone, at the Bettani-02 (Slant) well located in the Laki Marwat district of Khyber Pakhtunkhwa. OGDCL is the operator of the Wali Exploration License with a 100% working interest.The Bettani-02 (Slant) well was spudded as an appraisal effort and drilled to a depth of 5,080 meters into the Shinawari Formation. Subsequent testing of the well, using the Cased…

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