Year: 2026

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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ISLAMABAD: Mecom Gas Pvt Ltd is considering launching an initial public offering (IPO) on the Pakistan Stock Exchange to raise approximately $20 million for the development of a new liquefied petroleum gas (LPG) storage facility, according to a media report. As reported by Bloomberg, the company is currently in discussions with Arif Habib Limited regarding advisory services for the proposed IPO. Chief Executive Officer Kamran Afzal said the company plans to utilise the proceeds to establish storage capacity of around 3,000 tons to strengthen fuel reserves and improve supply stability.…

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ISLAMABAD: Pakistan GasPort Consortium Limited (PGPC) has agreed to extend commercial support to the Government of Pakistan following recent disruptions affecting LNG movement across the region. In a statement issued on Thursday, a spokesperson for PGPC said the company had made the accommodation in response to the government’s request and in the larger national interest. The company stated that the move reflects PGPC’s continued commitment as the owner and operator of Pakistan’s largest LNG terminal, recognised among the most operationally efficient LNG facilities in the region. Since beginning operations in…

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ISLAMABAD: The Central Development Working Party (CDWP) on Thursday strongly criticised the Water and Power Development Authority (Wapda) over poor project management, weak oversight, lack of transparency, and massive cost escalations in two major hydropower projects — the Diamer-Bhasha Dam and Tarbela 5th Extension (T5) projects — collectively valued at over Rs802 billion. During the meeting, Planning Minister Ahsan Iqbal and the Planning Commission’s technical team expressed serious concern over the failure to submit revised feasibility studies and updated cost estimates for more than six years. The CDWP also demanded…

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ISLAMABAD: The Public Accounts Committee (PAC) on Thursday directed the Cabinet Division to submit a comprehensive report into alleged financial and technical irregularities involving the National Engineering Services Pakistan (Nespak), amounting to billions of rupees. The committee ordered multiple inquiries into various projects handled by Nespak, including the Rs43 billion losses linked to faulty consultancy services for the Neelum Jhelum Hydropower Project. During the PAC meeting, chaired by Syed Naveed Qamar, Secretary Cabinet Division Kamran Ali Afzal informed members that a high-level inquiry into the Neelum Jhelum project was already…

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