Category: Highlights

Significant Gas Reserves Discovered in North Waziristan: Shewa-2 Well to Boost Domestic Production by Over 3%

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Mari-Petroleum

KARACHI: Pakistan has made a major breakthrough in its energy sector with the discovery of substantial gas reserves estimated at 351.2 billion cubic feet (BCF) in the Shewa fields of North Waziristan. This new find is expected to contribute 70 million cubic feet per day (mmcfd) to the national grid, increasing the country’s domestic gas production by over 3% daily and reducing reliance on costly fuel imports. According to Mari Petroleum‘s 2024 Annual Report, the Shewa-2 well will begin injecting gas into the system following the completion of a new…

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Aurangzeb Vows Economic Stability Through IMF Deal and Tax Reforms

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Muhammad-Aurangzeb

ISLAMABAD: Finance Minister Muhammad Aurangzeb reaffirmed on Tuesday that Pakistan is on the right track to achieving macroeconomic stability, emphasizing the importance of securing external financing to finalize the $7 billion IMF bailout package. He stressed the need for structural reforms, warning provincial governments against populist measures like energy subsidies. In a televised address, Aurangzeb highlighted significant economic progress, including a drop in inflation from 38% to single digits and a boost in foreign exchange reserves. He called for a crackdown on tax evasion, insisting on increased tax compliance from…

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OIL AND GAS REGULATORY AUTHORITY

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OGRA

Islamabad, August 31, 2024: The Oil and Gas Regulatory Authority (OGRA) has notified the maximum Price of LPG, effective September 01 2024, as under; Notified LPG Producer prices  Rs. / Ton  Rs / 11.8 kg Cylinder September -2024  ( w.e.f  01-09-2024)    202,691.77 2,391.76 August -2024     195,696.31 2,309.22 Increase / (Decrease)       6,995.46   82.54     Notified LPG Consumer prices  Rs. / Ton  Rs / 11.8 kg Cylinder September -2024  ( w.e.f  01-09-2024)     243,991.77 2,879.10 August -2024      236,996.31 2,796.56 Increase / (Decrease)       6,995.46               82.54 2. …

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Solar Conclave and Technology Excellence Awards

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Solar-Award

Conference underlines maximum exploitation of solar power potential to ensure Pakistan’s energy security Lahore: The concerned energy sector representatives have emphasised greater exploitation of Pakistan’s solar power potential to swiftly transition away from fossil fuel-based electricity production and end acute economic sufferings of masses due to heightened power tariff.They were speaking at a panel discussion held as part of Solar Power Conclave & Technology Excellence Awards-2024. The Energy Update organized the event in partnership with the Ministry of Energy (Power Division), Private Power Infrastructure Board (PPIB), and Pakistan Solar Association…

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Govt announces reduction in petroleum prices

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KARACHI: The government has announced a slight reduction in the prices of petroleum products, effective from September 1, 2024, ARY News reported on Saturday. The price of petrol has been reduced by Rs 1.86 per litre, bringing the new price to Rs 259.10, while the High-speed diesel will see a reduction of Rs 3.32 per litre, now costing Rs 262.75. Following the recent change, the Kerosene oil will be priced at Rs 169.62 per litre after a decrease of Rs 2.15, while light diesel oil will drop by Rs 2.97…

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