Russia’s daily oil exports from its western ports are set to rise by some 100,000 barrels per day to 1.97 million bpd in April from March as the impact of seasonal domestic refinery maintenance outweighs output cuts under an OPEC+ agreement, Reuters calculations based on data from three sources showed. According to the data, exports and transit of Urals, Kazakh KEBCO and Siberian Light oil from Primorsk, Novorossiisk and Ust-Luga will increase by some 5% in April compared to March. The sources said the growth in shipments next month will…
Read MoreDay: March 25, 2025
OGDCL Announces Completion of Feasibility Study for Reko Diq Project
ISLAMABAD, March 25, 2025: Oil and Gas Development Company Limited (OGDCL) has announced the completion of the updated feasibility study for the Reko Diq Project, marking a significant milestone in Pakistan’s journey toward unlocking one of the world’s largest undeveloped copper-gold resources.OGDCL holds an 8.33% share in the project as part of a collective 25% stake held by three Pakistani State-Owned Enterprises (SOEs), including Pakistan Petroleum Limited (PPL) and Government Holdings (Private) Limited (GHPL). The SOEs’ interest is managed through Pakistan Minerals (Private) Limited. Of the remaining share, 25% is…
Read MoreMari Energies Begins Hydrocarbon Production from Khyber Pakhtunkhwa’s Shewa Discovery
ISLAMABAD: Mari Energies Limited (formerly Mari Petroleum Company Limited) has commenced hydrocarbon production from the Shewa discovery in the *Waziristan Block, Khyber Pakhtunkhwa, under the *Extended Well Testing (EWT) phase. In a notice to the Pakistan Stock Exchange (PSX) on Tuesday, the company confirmed that gas and condensate production had begun following the completion of the gas transmission pipeline by SNGPL. Initial production rates stand at 26 MMSCFD of gas and *244 BBLs/D of condensate, with output expected to *increase gradually as processing and export systems stabilize. Mari Energies holds…
Read MoreAltern Energy Seeks Early Termination of PPA Amid Operational Losses
ISLAMABAD: Altern Energy Limited has formally requested the Central Power Purchasing Agency (CPPA) to *terminate its Power Purchase Agreement (PPA) early, citing *sustained operational losses due to lack of dispatch demand in recent years. In a statement to the *Pakistan Stock Exchange (PSX), the company’s *Board of Directors announced that it had also sought the termination of the Implementation Agreement (IA) signed with the *Government of Pakistan, as well as the *sovereign guarantee backing the contract. The board has referred the early termination proposal to the company’s shareholders for approval…
Read MoreGovt Limits Net Metering Contracts to 5 Years, Revises Buyback Rates
ISLAMABAD: The government has *capped net metering contract terms at five years, with periodic **revisions to buyback rates, as per new policy guidelines issued to the *National Electric Power Regulatory Authority* (Nepra). Amid criticism over the *buyback rate cut from Rs 27 to Rs 10 per unit, the *Power Division has clarified the settlement mechanism: *imported and exported units will be billed separately, with exported units purchased at the **approved buyback rate, while imported units follow peak/off-peak tariffs. Consumers *cannot redeem or cash out credited excess units. Nepra has been…
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