Category: Latest News

ISLAMABAD: State Bank of Pakistan (SBP) on Thursday confirmed the receipt of $2 billion from Saudi Arabia, providing timely support to the country’s foreign exchange reserves. According to the central bank, the inflow was recorded with a value date of April 15, 2026. The development coincides with Prime Minister Shehbaz Sharif’s ongoing visit to Saudi Arabia, where diplomatic engagements are focused on regional peace and economic cooperation. A day earlier, Saudi Arabia pledged an additional $3 billion in deposits and extended its existing $5 billion facility for another three years.…

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ISLAMABAD: President Asif Ali Zardari on Wednesday called for transparency in load-shedding practices while expressing serious concern over regional water security challenges, including India’s suspension of the Indus Waters Treaty. Chairing a high-level meeting on water resource management at Aiwan-e-Sadr, the president reviewed key issues related to water availability, governance, and evolving regional dynamics. He termed the alleged “weaponisation” of water a matter of grave concern and stressed the need to safeguard Pakistan’s water rights through diplomatic and legal channels. Addressing the ongoing energy shortfall, President Zardari directed authorities to…

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ISLAMABAD, April 15, 2026: Oil and Gas Development Company Limited (OGDC), Pakistan’s largest exploration and production company, has achieved a historic milestone with the highest-ever oil and gas discovery from a single well in Pakistan’s history at its Baragzai X-01 (Slant) exploratory well in the Nashpa Block, located in Kohat district of Khyber Pakhtunkhwa. Federal Minister for Petroleum Ali Pervaiz Malik formally inaugurated the commencement of commercial production in a ceremony held at OGDC Headquarters in Islamabad. Federal Secretary Petroleum Division Hamid Yaqoob Sheikh, MD/CEO OGDC Ahmed Hayat Lak, beside…

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ISLAMABAD: Oil and Gas Development Company Limited (OGDCL) has announced Pakistan’s largest-ever oil and gas discovery from a single well at the Baragzai X-01 (Slant) exploratory site in the Nashpa Block, located in Kohat. The Baragzai X-01 well has emerged as the highest-producing well both in OGDCL’s portfolio and in the country’s history, currently contributing nearly 10% of Pakistan’s total crude oil output. Following successful testing and completion, the well has been brought into commercial production. Recent output includes 5,300 barrels of oil per day (BPD), 17 million standard cubic…

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ISLAMABAD: Pakistan is weighing the option of importing liquefied natural gas (LNG) from the spot market to address potential supply disruptions triggered by the ongoing Iran conflict, while prioritising government-to-government agreements to avoid high costs. Petroleum Minister Ali Pervaiz Malik said that Qatar’s force majeure situation has compelled Pakistan to explore expensive spot cargoes or alternative fuel options ahead of rising summer demand. Spot LNG prices have surged to between $20 and $30 per mmBtu amid escalating tensions in the Middle East. The minister noted that any procurement decision would…

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