Author: Admin

Petroleum Division Proposes Third-Party Gas Sales Framework

Admin
Oil-Price

ISLAMABAD: The Petroleum Division has prepared a framework for the sale of up to 100 MMCFD gas by Exploration and Production (E&P) companies to third parties through open auctions. The summary, finalized following an inter-ministerial committee decision led by Deputy Prime Minister Ishaq Dar, will be submitted to the Executive Committee of the National Economic Council (ECNEC) for approval. Initially approved by the Council of Common Interests (CCI) during the caretaker government of Anwar-ul-Haq Kakar, the framework permits E&P companies to sell up to 35% of their gas to third-party…

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Schlumberger Wins OGDCL Contract for Tight Gas Evaluation Study

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OGDCL-Wins

ISLAMABAD: Schlumberger (M/s SLB) has been awarded a key contract by the Oil and Gas Development Company Limited (OGDCL) following a competitive international tender for an “integrated study of tight gas prospectivity evaluation.” The rigorous selection process involved 11 global bidders, with Schlumberger chosen for its strong technical expertise and cost-effective proposal. The study will focus on identifying Pakistan’s most promising tight gas reservoirs and optimal well locations. It will also explore re-entry opportunities for existing wells to enable hydraulic fracturing, expediting the commercial development of tight gas resources. This…

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IDEAS 2024: Global Defence Innovation Takes Center Stage

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IDEAS-2024

KARACHI: The 12th edition of the International Defence Exhibition and Seminar (IDEAS 2024) began with a grand inauguration at the Karachi Expo Centre on Tuesday. Federal Minister for Defence Production Khawaja Muhammad Asif presided over the ceremony, highlighting Pakistan’s commitment to international peace and security. This year’s IDEAS exhibition set new benchmarks with full capacity bookings at the venue. Over 560 exhibitors from 41 countries, including Turkey, China, Iran, the UK, and North and South America, are showcasing cutting-edge defence equipment. More than 350 high-level delegations from 55 countries are…

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Azerbaijan to Invest $3 Billion in Pakistan’s Economy

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Azerbai-jan

ISLAMABAD: Azerbaijan has pledged an investment of up to $3 billion in Pakistan across various sectors, marking a significant boost for the South Asian nation’s economy. Prime Minister Shehbaz Sharif announced the development during a recent cabinet meeting, revealing plans to formalize the investment through memoranda of understanding (MoUs). The move aims to strengthen Pakistan’s economic landscape. The premier also highlighted progress in economic ties with Saudi Arabia following his recent visit. A delegation has traveled to Riyadh to explore collaboration in solar energy, mines and minerals, and information technology.…

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ECC Approves Discounted Winter Power Package to Boost Consumption

Admin
Power Users to Receive Refund

ISLAMABAD: The Economic Coordination Committee (ECC) has approved a subsidy-neutral initiative offering discounted electricity rates for incremental consumption during the winter months (December to February). The package, targeting residential, commercial, and industrial consumers, aims to boost electricity demand amid high tariffs and economic challenges. The initiative is expected to increase consumption by up to 16%, aligning with International Monetary Fund (IMF) requirements. The meeting, chaired by Finance Minister Muhammad Aurangzeb, also approved transferring Rs3.14 billion from the former Emergency Relief Cell (ERC) to the National Disaster Management Authority (NDMA) for…

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