Day: May 22, 2026

ISLAMABAD: Pakistan has decided to encourage oil-producing countries to establish strategic oil reserves within a proposed “Energy City” at Gwadar Port, as part of a broader initiative aimed at strengthening national energy security and developing the country as a regional energy logistics hub. According to official sources, the planned reserves would be stored in Pakistan and accessed during emergencies. “In case of situations such as war or supply disruptions, Pakistan will have the first right to utilise the oil reserves,” an official told The Express Tribune. Kuwait has reportedly shown…

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KARACHI: The Parliamentary Forum on Energy and Economy on Thursday cautioned that sharp increases in the Petroleum Development Levy (PDL) are intensifying inflationary pressures, disproportionately impacting low-income households and exposing long-standing weaknesses in Pakistan’s energy and fiscal management, particularly amid recent regional tensions in the Persian Gulf. The forum said the petroleum levy should not be used as a primary revenue-generation tool or as a substitute for broader fiscal reforms. Speaking at a high-level policy briefing, members noted that Pakistan’s heavy dependence on imported fossil fuels has left the economy…

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KARACHI: The Karachi Citizens Forum (KCF) on Wednesday urged authorities to halt unchecked commercialisation of residential neighbourhoods, warning that recent policy changes could accelerate environmental degradation, infrastructure collapse, and declining quality of urban life in the city. The press conference, held at the Karachi Press Club, brought together urban planners, lawyers, activists, and residents who expressed concern over what they described as “unregulated conversion” of residential zones into commercial and high-rise developments without adequate infrastructure, environmental safeguards, or public consultation. Speakers said Karachi’s residential areas were already facing severe pressure…

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KARACHI: Pakistan Petroleum Limited (PPL) has signed Production Sharing Agreements (PSAs) and exploration licences for eight offshore blocks awarded under the Offshore Bid Round 2025, marking a key milestone in reviving offshore hydrocarbon exploration in Pakistan after nearly two decades. In a notice submitted to the Pakistan Stock Exchange (PSX), the company confirmed that the agreements were executed on May 20, 2026, in the presence of the Federal Minister for Petroleum, following the earlier provisional award announced on November 13, 2025. The offshore portfolio includes two PPL-operated blocks — Gharo…

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ISLAMABAD: Oil and Gas Development Company Limited (OGDC), the country’s largest exploration and production company, has secured eight offshore exploration blocks under the Offshore Bid Round 2025, marking a significant expansion of its exploration portfolio. The Government of Pakistan has officially reopened its offshore energy frontier after nearly two decades through the signing of Production Sharing Agreements (PSAs) and Exploration Licences (ELs), aimed at boosting investment and reducing dependence on imported energy. The signing ceremony was held at the Ministry of Petroleum in Islamabad and was witnessed by Federal Minister…

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