Author: Admin

OGDCL begins oil & gas production from Khairpur’s Kharo-1 well

Admin
oil and gas

Oil & Gas Development Company Limited (OGDCL), Pakistan’s largest exploration and production (E&P) company, commenced production of oil and gas from its Kharo-1 well located in Khairpur district, Sindh. The E&P shared this development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday. “We are pleased to announce that Kharo-1 well has been successfully brought into production,” said OGDCL in its notice. The E&P shared that the Kharo-1 well is currently producing 20 barrels per day (bpd) of oil and 5.0 million standard cubic feet per day (mmscfd)…

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Power Division Announces 44% Discounted Tariff for Electric Vehicle Charging Stations

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Charging-Stations

Islamabad: Under the leadership of Prime Minister Mian Muhammad Shehbaz Sharif, the government has announced a special discounted electricity tariff for electric vehicle (EV) charging stations. The tariff for these stations has been reduced from the current rate of 71 PKR per unit to 39.70 PKR per unit, marking a 44% reduction in electricity rates for EVs for the first time in the country’s history. In addition to the tariff reduction, the regulations for the establishment of electric vehicle charging stations and battery replacement points have also been implemented. The…

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Shell Pakistan Rebrands as Wafi Energy Pakistan

Admin
Shell-PLC

KARACHI: Shell Pakistan Limited has officially rebranded as Wafi Energy Pakistan Limited, effective January 13, 2025. The name change follows the successful acquisition of a majority stake by Wafi Energy Holding Limited. The Securities and Exchange Commission of Pakistan (SECP) issued a certificate of incorporation to formalize the name change, as disclosed by the company to the Pakistan Stock Exchange (PSX) on Tuesday. Under the acquisition deal, Wafi Energy Holding Limited acquired approximately 187.86 million ordinary shares, representing 87.78% of Shell Pakistan’s total issued share capital. This transaction was executed…

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OGRA Proposes Solutions to Refinery Tax and Upgrade Agreement Challenges

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OGRA

KARACHI: The Oil & Gas Regulatory Authority (OGRA) has proposed measures to mitigate operational losses faced by refineries due to the sales tax exemption on petroleum products and suggested extending the deadline for signing upgrade agreements under the Brownfield Refinery Policy 2023. In a letter to the Petroleum Division’s Director General (Oil), OGRA highlighted that refineries have hesitated to finalize upgrade agreements, citing financial uncertainties arising from the sales tax exemption introduced in the current fiscal year’s finance bill. Proposed Recovery MechanismOGRA recommended that refineries submit detailed claims for operational…

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Federal Minister for Energy Highlights Progress in Power Sector with Focus on IPPs and Pricing

Admin
electricty

ISLAMABAD: Federal Minister for Energy, Sardar Awais Ahmed Leghari, underscored significant advancements in Pakistan’s power sector during a recent video message, emphasizing reforms in agreements with Independent Power Producers (IPPs) and steps toward affordable electricity. Revised Agreements with IPPsThe Power Division has presented proposals to the federal cabinet for revising agreements with 18 additional IPPs. These amendments aim to enhance transparency and efficiency in the power sector, reflecting the government’s commitment to fostering equitable practices and optimizing power production costs. Electricity Pricing for Industrial ZonesThe Cabinet Committee on Energy has…

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