Author: Admin

PPL Announces Gas and Condensate Discovery in Sindh’s Shah Bandar Block

Admin
New-PPL

KARACHI: Pakistan Petroleum Limited (PPL) has announced a significant gas and condensate discovery in the Shah Bandar Block, District Sujawal, Sindh. This marks the second hydrocarbon find at the Pateji X-1 well, highlighting its exploration success. According to material information shared with the Pakistan Stock Exchange, PPL identified the new discovery in the Upper Sand (C-Sand) reservoir after thorough in-house evaluation of acquired geological and geophysical (G&G) data. The exploratory well, drilled to a depth of 2,475 meters, confirmed hydrocarbon potential within the Lower Goru Formation. PPL operates the Shah…

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Revised PPAs Signed with Dozen IPPs as Task Force Pushes for Consumer Relief

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K-Electric to resolve overbilling issues or face legal action

ISLAMABAD: The government’s energy task force, led by Federal Energy Minister Sardar Awais Khan Leghari, has renegotiated Power Purchase Agreements (PPAs) with about a dozen Independent Power Producers (IPPs) established under the 1994 and 2002 Power Policies, according to official sources. The task force, comprising top officials and energy experts, is holding firm negotiations with IPPs to address issues related to excessive profits, historical financial gains, and interest on delayed payments. While some IPPs initially resisted the proposed changes, they eventually agreed after being presented with evidence of irregularities, sources…

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Minister Targets Rs5 Tariff Cut through IPP Reforms, Highlights Reduced DISCO Losses

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Power-sector

ISLAMABAD: Federal Energy Minister Awais Leghari announced significant reforms in the power sector on Friday, including the termination of agreements with Independent Power Producers (IPPs) to reduce electricity tariffs. Speaking at a briefing hosted by the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), he revealed that electricity rates could drop by Rs5 per unit following renegotiations with additional IPPs. “Contracts with five IPPs have already been terminated, and agreements with 11 more are underway. We’ve also reached new terms with bagasse-based plants,” Leghari stated. He emphasized the need…

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Pakistan to Import 200,000 Tonnes of Diesel Amid Rising Demand

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petroleum-imports

KARACHI: Pakistan is poised to import over 200,000 metric tonnes (MT) of high-speed diesel (HSD) in December, responding to a surge in demand fueled by increased legal sales and stricter anti-smuggling measures. The Oil and Gas Regulatory Authority (Ogra) has approved imports for four cargoes, with Pakistan State Oil (PSO) securing three under a long-term agreement with Kuwait Petroleum Corporation (KPC) and a private oil marketing company (OMC) managing one independently. Industry insiders suggest that additional imports may be necessary as demand continues to rise. Enhanced anti-smuggling efforts have significantly…

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Government Seeks IMF Flexibility on Gas Supply to Captive Power Plants

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IPPs-Project

ISLAMABAD: The government is navigating a critical challenge under the $7 billion IMF program, which mandates disconnecting Captive Power Plants (CPPs) from the gas supply by January 2025. This structural benchmark, intended to transition industries to grid electricity, has sparked concern among policymakers. In a high-level meeting chaired by Finance Minister Senator Muhammad Aurangzeb, four federal ministers, including those for commerce, petroleum, and power, discussed strategies to address the issue. The meeting concluded with a proposal to seek a six-month extension from the IMF for implementing the benchmark while pursuing…

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