Author: Admin

Beyond borders: Pakistan’s oil, gas firms compete with World’s Best in Libya

Admin
oil

Pakistan’s quest to transform its resource economy has taken another leap forward, with its leading energy companies—Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL)—qualifying among 29 global contenders for Libya’s upcoming oil and gas block bid round. The development not only signals the growing ambitions of Pakistan’s exploration and production (E&P) sector but also resonates strongly with the vision laid out earlier this year at the Pakistan Mineral Investment Forum-2025. Held in April, the forum set the stage for unlocking Pakistan’s estimated $6 trillion to $8…

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Dar Stresses Affordable Energy, Reviews Prices of Essential Commodities

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Ishaq-Dar

ISLAMABAD: Deputy Prime Minister and Foreign Minister Ishaq Dar on Friday chaired two key meetings on the energy sector and essential commodities, stressing affordability and consumer protection. In a detailed briefing by the Ministry of Petroleum, Dar underlined the need to enhance exploration and boost productivity, while ensuring that energy remains affordable for citizens. He noted that Pakistan is blessed with vast energy and mineral resources, which must be developed to maximize their contribution to economic growth. The meeting was attended by the Petroleum Minister, SAPM on Privatisation, SAPM Tariq…

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AGP Uncovers 126 Cases of Irregularities in Wapda Projects

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New-Wapda

ISLAMABAD: The Auditor General of Pakistan (AGP) has identified 126 cases of financial malfeasance in Water and Power Development Authority (Wapda) projects during the audit of financial year 2023-24, exposing massive lapses in procurement, contract, and financial management. According to the compliance audit report, irregularities worth billions were detected across 38 formations of the Ministry of Water Resources (MoWR) and its entities. Key findings included: irregularities in procurement management of Rs17.6bn, contract mismanagement of Rs67.8bn, financial management issues of Rs280.9bn, and other discrepancies totaling Rs106.4bn. In total, recovery of Rs9.58bn…

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Govt Task Force unveils bold plan to tackle Rs 2.6 Trillion Gas Sector circular debt amid fresh energy breakthroughs

Admin

Pakistan’s ballooning circular debt in the gas sector, now standing at a staggering Rs 2,600 billion, has finally moved to the centre of policy discussions, as the federal government’s Task Force on Power Sector has finalised a strategy to gradually defuse the crisis. The move follows the Task Force’s earlier efforts to carve out a plan for addressing the even more alarming debt trap in the power sector, which for years has choked the financial viability of the country’s energy supply chain. The contours of the government’s latest plan were…

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FPCCI Terms Govt’s Circular Debt Reduction ‘Artificial and Unsustainable’

Admin

ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has rejected the Power Division’s claim of reducing the power sector’s circular debt (CD) by around Rs800 billion, calling it “misleading, artificial, and unsustainable” as it stems from fiscal injections rather than genuine reforms. According to the FPCCI’s detailed analysis, the Power Division projected circular debt to fall from Rs2.393 trillion in June 2024 to Rs1.614tr by June 2025 — a reduction of Rs780bn. However, the business body argued that this apparent relief is driven by a one-time stock…

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