Author: Admin

HUBCO Subsidiary Wins Provisional Exploration Rights for Four Onshore Blocks

Admin
Hubco

KARACHI: The Hub Power Company Limited (HUBCO) has announced that its associated entities have secured a provisional award of exploration rights for four onshore blocks, marking a major step in the company’s upstream energy expansion. The disclosure was made in compliance with the Securities Act, 2015. The development centres on *Prime International Oil and Gas Company Limited (Prime), a strategic joint venture in which Hub Power Holdings Limited — HUBCO’s wholly owned subsidiary — holds an equity stake. Prime’s fully owned arm, *Prime Global Energies Limited, has received provisional exploration…

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PPL Discovers Hydrocarbon Reserves at Sawan North Deep Well in Sindh

Admin
hydrocarbon

Pakistan Petroleum Limited (PPL) has announced a significant hydrocarbon discovery from its exploratory well Sawan North Deep-1 ST-1 (SND-1 ST-1), located in District Khairpur, Sindh. The development was disclosed in a notice submitted to the Pakistan Stock Exchange (PSX) on Friday. The discovery was made through the Sawan Joint Venture, which includes: The well was spud on *September 16, 2024, and drilled to a depth of **14,017 feet (MD). Its primary target was to evaluate the hydrocarbon potential of the *Lower Goru Formation (A-Interval Sands). According to PPL, wireline log…

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Petrol Price May Drop by Rs1.96 While Diesel Set for Rs9.60 Hike

Admin
Petrol-Price

ISLAMABAD: Fuel prices are likely to undergo mixed adjustments for the upcoming fortnight starting November 16, with petrol expected to become slightly cheaper while diesel and other petroleum products may see notable increases, sources said on Friday. Based on global market trends, the price of *petrol may decrease by Rs1.96 per litre, while *high-speed diesel (HSD) is projected to rise by Rs9.60 per litre.Meanwhile, kerosene could see an increase of *Rs8.82 per litre, and *light diesel oil (LDO) may go up by Rs7.15 per litre. The Oil and Gas Regulatory…

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Cabinet Orders Power Division to Complete Winding Up of Power Holding Limited

Admin
Power-sector

ISLAMABAD: The federal cabinet has instructed the Power Division to finalise all formalities required for the winding up of Power Holding Limited (PHL) and present a clear implementation timeline to the Economic Coordination Committee (ECC), sources told Business Recorder. The directive was issued during the ECC meeting on *November 7, while approving a *Rs 659.6 billion government guarantee as part of the *Rs 1.225 trillion circular debt financing plan. The cabinet ratified the ECC decision on *November 12, 2025. PHL, a fully government-owned entity under the Power Division, was originally…

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Power Division, QESCO Clash Over Funding for Third-Party Validation of Subsidised Tubewells

Admin
Pakistan-power-sector-target-of-ADB-funding

ISLAMABAD: A dispute has emerged between the Power Division and the Quetta Electric Supply Company (QESCO) over the release of funds for third-party validation of subsidised agricultural tubewells in Balochistan, with QESCO raising serious concerns over the consultant’s verification process. On *October 28, 2025, the Power Division instructed all power distribution companies to release payments to **ICore Business Solutions, the firm engaged for third-party verification. However, QESCO has objected, arguing that under *Clause VI of the Memorandum of Understanding (MoU) between the federal and Balochistan governments for the *solarisation of…

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