Category: Highlights

POL Discovers Oil and Gas Reserves in Kohat District

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oil price

ISLAMABAD: Pakistan Oilfields Limited (POL) has announced the discovery of significant hydrocarbon reserves at its Razgir-1 exploratory well in Kohat district, Khyber Pakhtunkhwa. POL, a subsidiary of Attock Oil Company Limited, shared the news with the Pakistan Stock Exchange (PSX) on Monday. The Razgir-1 well, part of the TAL block operated by MOL Group, was spudded on January 9, 2024, and drilled to a depth of 3,950 meters. The Drill Stem Test (DST) of the Lumshiwal formation revealed the well’s potential, producing 20 MMscf of gas per day and 250…

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K-Electric Seeks Petroleum Division’s Support for Mari Gas Supply

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mari-petrolium

ISLAMABAD: K-Electric (KE) has requested the Petroleum Division’s assistance to secure 100 MMSCFD of surplus indigenous gas from Mari Petroleum Company Limited (MPCL), following the expiry of MPCL’s contract with SNGPL. KE referenced its November 3, 2023, letter requesting gas allocation for its fleet and initiated discussions with gas exploration companies including Mari, PPL, PEL, Eni, OGDCL, and MoI. KE’s Chief Strategy Officer, Shahab Qader Khan, highlighted that Mari has 100 MMSCFD of available gas. Allocating this gas to KE could significantly reduce the utility’s generation costs. The price of…

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Miftah Ismail urges govt to waive taxes on domestic bills for four months to phenomenally reduce electricity cost

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Miftah-Ismail

Leader of the newly established political entity, Awam Pakistan Party (APP), and former Federal Finance minister, Dr Miftah Ismail, has urged the government to waive for the next four months advance income tax and sales tax recovered from the domestic consumers as part of their electricity bills to phenomenally decrease the electricity rates in the country.Speaking at a press conference here at the Press Club on Saturday, the former Finance minister said that his suggestion of withdrawing the taxes on domestic power consumers would help in reducing the electricity rates…

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Energy Ministry Pushes for Deregulation Framework for Fuel Prices

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Fuel-Prices

ISLAMABAD: The Ministry of Energy has directed the Oil and Gas Regulatory Authority (Ogra) to finalize the framework for transferring the responsibility of setting petroleum prices to the oil industry. In a letter issued on Wednesday, the ministry instructed Ogra Chairman to convene a meeting today (Thursday) to discuss the analysis, implications, and strategies for deregulating petroleum products. This move follows Prime Minister Shehbaz Sharif’s directive to delegate pricing responsibilities to oil marketing companies (OMCs). However, the two main stakeholders—OMCs and dealers—have not been invited to the meeting. Currently, four…

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Pakistan and Turkmenistan for expediting TAPI pipeline project: resolved for continuous engagement

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TAPI-pipeline-project

Federal Minister for Petroleum Dr Musadik Malik held a meeting with the Deputy Chairman of the Cabinet of Ministers and Minister of Foreign Affairs of Turkmenistan Mr. Rashid Meredov who is on a two day visit to Pakistan accompanied by Turkmen delegation including Mr.Ata Haljanov, head of International economic cooperation division, Ministry of Foreign Affairs of Turkmenistan.

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