Day: October 14, 2025

Kuwait Announces ‘Major’ Offshore Gas Discovery with Estimated 1 Trillion Cubic Feet Reserves

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Kuwait-Pak

KUWAIT CITY: The Kuwait Oil Company (KOC) announced on Monday a significant offshore natural gas discovery, describing it as a “major exploration achievement” with reserves projected at around one trillion cubic feet (Tcf) of gas. In an official statement, the KOC — a subsidiary of the Kuwait Petroleum Corporation (KPC) — revealed that the newly discovered Jazah offshore gas field spans approximately 40 square kilometres (15 square miles). Preliminary tests have shown production levels exceeding 29 million cubic feet of gas per day, underscoring the field’s substantial commercial potential. Kuwait,…

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PQEPC Warns of Possible Shutdown Over Rs75 Billion in Unpaid Dues

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power-producer

ISLAMABAD: In a serious warning to Pakistan’s power sector, the Port Qasim Electric Power Company (PQEPC) has cautioned the government that it may be forced to suspend operations at its 1,320 MW coal-fired power plant due to the Central Power Purchasing Agency-Guarantee (CPPA-G)’s persistent failure to meet financial obligations under the Power Purchase Agreement (PPA), sources confirmed. In a letter addressed to Minister for Power Awais Leghari, Finance Minister Muhammad Aurangzeb, Planning Minister Ahsan Iqbal, and the Chairman of the China-Pakistan Economic Corridor (CPEC) Authority, PQEPC Chief Executive Officer Wang…

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POL Brings Razgir-1 Well Onstream, Boosting Gas and Condensate Output

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crude oil

ISLAMABAD: Pakistan Oilfields Limited (POL) announced that the Razgir-1 well has been successfully brought onstream at the Tolanj Production Facility on October 12, following approvals from relevant regulatory authorities. In a notice to the Pakistan Stock Exchange (PSX), the company stated that production from the newly commissioned well is being gradually ramped up and is expected to reach a flow rate of 25.1 million cubic feet per day (MMcf/d) of gas and 333 barrels per day (bpd) of condensate by the end of the day, based on commingled production results…

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Uncertainty Looms Over Renewable Energy Projects as PPIB Awaits IGCEP Approval

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PPIB-new

ISLAMABAD: The Private Power and Infrastructure Board (PPIB) has cast uncertainty over the future of nearly a dozen renewable energy projects — including several hydropower and solar ventures — citing both official and undeclared reasons, primarily the pending finalization of the Indicative Generation Capacity Expansion Plan (IGCEP) 2025–35, according to informed sources. During its recent board meeting, PPIB Managing Director Shah Jahan Mirza presented a compliance report outlining the status of key projects, revealing that multiple ventures are now in limbo pending government-level decisions and policy clarity under the upcoming…

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Pakistan, IFC Advance Toward Financial Close of Reko Diq Project

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Reko-Diq

ISLAMABAD: Pakistan and the International Finance Corporation (IFC) have agreed to accelerate efforts for the early financial close of the Reko Diq project, one of the largest foreign investments in the country’s mining sector, the Ministry of Finance announced on Sunday. The development came during a meeting between Finance Minister Muhammad Aurangzeb and Riccardo Puliti, IFC’s Regional Vice President for the Middle East, Central Asia, Türkiye, Afghanistan, and Pakistan, held in Washington, DC on the sidelines of the IMF and World Bank Annual Meetings. Both sides reaffirmed their commitment to…

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