Category: Highlights

DGPC has publicly opened bids for 8 Onshore Blocks for grant of Petroleum Exploration Rights through open bidding on October 28, 2022 at Petroleum House, Islamabad. This was the second bidding round conducted during this year. Bids were received for 5 Blocks. The minimum investment to be carried out by the Exploration and Production (E&P) companies in these Blocks will be over USD 22.6 million in three years. Apart from E&P activities, the successful companies will also spend over USD 450,000 in social welfare for the areas of their respective…

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Global oil trade flows are already realigning after the Western sanctions on Russian exports, as Russia places more crude in Asia while other producers send part of the volumes previously intended for Asia to Europe and other markets, according to Saudi Aramco’s chief executive officer. “And crude that used to go to Asia is now being directed to Europe and other parts of the world,” Aramco’s CEO Amin Nasser said at the Future Investment Initiative (FII) forum in Riyadh on Wednesday, as carried by Bloomberg. “Realignment is happening,” the top executive…

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The latest discovery further extends the hydrocarbon play area in Pothohar basin: OGDCL The Oil and Gas Development Company Limited (OGDCL), Pakistan’s largest oil and gas exploration company on Thursday announced the discovery of oil reserves from its exploratory well – Toot Deep-1 Well – located in the Attock district of Punjab Province. OGDCL being the operator of Toot Mining Lease with 100% working interest has made oil discovery from Lokhart Formation at Toot Deep-I Well which is located in Attock District, Punjab Province, Pakistan Province. According to the OGDCL…

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The Oil & Gas Development Company Limited (OGDCL) has announced its financial results for the quarter that ended on September 30 of the fiscal year 2022-23. While continuing its growth journey, the company has registered a 58 percent increase in its profit compared to the fiscal year 2021-22. The OGDCL Board of Directors, in its meeting has approved the Financial Results for the quarter. The OGDCL Financial Results show the company demonstrated a 58 percent year-on-year (YoY) increase in its profit, earning Rs. 53.3 billion in the first quarter of…

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K-Electric (KE) held its 112th Annual General Meeting (AGM) for FY 2022. The meeting was chaired by Moonis Alvi – Chief Executive Officer, KE who was authorized to chair this meeting by the Chairman of the Board Mark Skelton. The Chairman and KE Board members were in attendance virtually, while KE leadership was present in person. KE’s operational performance has shown improvement on the back of sustained investments across the value chain. The company’s transmission and distribution losses improved by 2.2 percentage points, closing at 15.3% in FY22 from 17.5%…

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