Author: Admin

ISLAMABAD: Oil and Gas Development Company Limited (OGDC) has signed a landmark agreement with French specialty chemicals leader SNF to deploy advanced Water Injection Systems (WIS) at the Kunnar and Pasakhi oil fields in Sindh, a project projected to generate an estimated $460 million in additional revenue. The agreement, signed at OGDC headquarters in Islamabad, was witnessed by Minister for Energy (Petroleum Division) Ali Pervaiz Malik, OGDC Managing Director/CEO Ahmed Hayat Lak, and French Ambassador Nicolas Galey. The initiative aims to enhance reservoir pressure, improve oil and gas recovery rates,…

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ISLAMABAD: Pakistan has assured foreign investors of its “capacity and capability” to secure the multibillion-dollar Reko Diq copper-gold project after Barrick Gold ordered a comprehensive review following recent militant attacks in Balochistan. Balochistan Chief Minister Sarfraz Bugti said the provincial and federal governments remain committed to safeguarding foreign investment in the strategically important mining venture. Barrick announced it would reassess all aspects of the project after coordinated attacks on January 30–31 heightened security concerns in the province. Regarded as one of the world’s largest undeveloped copper and gold deposits, Reko…

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ISLAMABAD: The government is preparing to raise the issue of the controversial off-grid levy on captive power plants (CPPs) with the visiting International Monetary Fund mission, amid reports of over Rs100 billion in losses to the gas sector and adverse impacts on exports. Senior officials of the Petroleum Division said the levy, introduced under IMF programme conditions to shift industrial consumers towards grid electricity, has largely backfired. Although some increase in grid consumption was observed, it fell short of expectations due to inconsistent supply and technical disruptions — particularly in…

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ISLAMABAD: A mission of the International Monetary Fund (IMF), led by Iva Petrova, is scheduled to visit Pakistan on February 26 to conduct a review of the country’s $7 billion Extended Fund Facility (EFF) and the $1.1 billion Resilience and Sustainability Facility (RSF), officials said. The nearly two-week visit, concluding on March 11, will focus on assessing programme implementation as of end-December 2025. In addition, discussions will cover preliminary budget proposals for fiscal year 2026–27, particularly regarding provincial finances. Officials indicated that overall performance under the programme has remained largely…

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