Category: News & Announcement

The oil price collapse and deferred drilling campaigns have shrunk the available supply of drilling rigs in the North Sea to the point where operators now face a supply crunch for semisubmersible rigs for next year’s drilling campaigns off the UK, offshore rig brokerage and advisory Bassoe Offshore said in a recent analysis. The price crash and the capital expenditure (capex) cuts from exploration and production (E&P) companies have impacted the drilling rig market with less work contracted with offshore drilling providers than initially anticipated. This has caused drilling rig contractors in…

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Prime Minister Imran Khan on Monday said the country’s current account balance had recorded a surplus of $424 million in July, signalling that the economy was “on the right track”. Hailing the development in a message on Twitter, the premier noted that in July last year, Pakistan had a current account deficit (CAD) of $613 million while last month the deficit stood at $100m. He attributed the “strong turnaround” in the current account balance to “record remittances” and “continuing recovery in exports, which rose [by] 20 per cent compared to…

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The Oil and Gas Development Company Limited (OGDCL) on Monday announced to strike an oil and gas discovery at Togh Bala Well-1 in district Kohat of Khyber Pakhtunkhwa province. According to initial reports, at least 9 Million Standard Cubic Feet per Day (MMSCFD) gas and 125 barrel condensate oil per day were recovered from the well. The exploration was carried out by the OGDCL in collaboration with Mari Petroleum Company Limited (MPCL) and Saif Energy Limited (SEL), said a news release issued here. The public sector company said it was…

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An intensifying dispute in the Eastern Mediterranean over oil and gas exploration rights at sea has seen tensions flare between Turkey and Greece, with one regional expert describing the situation as the “most dangerous” in years. Turkey and Greece, both members of NATO, are at loggerheads over competing claims to energy reserves in contested Eastern Mediterranean waters. The countries and territories of this region include Greece, Turkey, Cyprus, Syria, Lebanon, Jordan, Israel, Palestine, Egypt and Libya. Last week, Turkey sent the Oruc Reis survey vessel, escorted by warships, to conduct…

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ISLAMABAD: Karachi Electric (KE) has decided to make a public appeal to the federal government for clearance of its pending dues immediately and adjustment in its tariff, well-informed sources told Business Recorder. Karachi’s power tariff is Rs 2.89/unit less than the rest of the country and must be brought in line with the prevalent Uniform Tariff Policy across Pakistan. The sources said K-Electric will invest $ 2 billion over the next three years across its power value chain, including a 900 MW RLNG-fired power plant. However, financial viability is a critical component of continued investments.…

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