Category: Shortcode

WB Urges Increased Budget for Tarbela 5th Extension Hydropower Project

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Hydropower

ISLAMABAD: The World Bank has called on the government to increase budget allocations for the Tarbela 5th Extension Hydropower Project (T5HP) during the mid-year budget review, citing a significant shortfall in rupee cover requirements. In a letter to Economic Affairs Division (EAD) Secretary Dr. Kazim Niaz, World Bank Country Director Najy Binhassine commended the satisfactory progress of T5HP, despite challenges, including the unexpected termination of a supervision consultant’s contract. WAPDA swiftly implemented alternative supervision arrangements to maintain project momentum and mitigate risks to Tunnel 5 and the Tarbela Dam’s operations.…

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Power Sector’s Delayed Payments Push LPS on GDS to Alarming Rs76.4 Billion

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Power-sector

ISLAMABAD: The Late Payment Surcharge (LPS) on Gas Development Surcharge (GDS) owed by power companies to gas utilities, including PPL, MPCL, and SNGPL, has surged to an alarming Rs76.4 billion, according to a report by the Directorate General of Gas (Petroleum Division). The Gas Development Surcharge, governed by the Natural Gas (Development Surcharge) Ordinance, 1967, represents the margin between the sale price and the prescribed price of natural gas. Proceeds from GDS are distributed among provinces under the NFC Award. However, delays in payments by power producers, including WAPDA, GENCO-II,…

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Sharif Orders Uninterrupted Winter Gas Supply to Domestic Consumers

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gas-shortage

ISLAMABAD: Prime Minister Shehbaz Sharif has directed authorities to ensure uninterrupted gas supply to domestic consumers during the winter season, emphasizing it as a top government priority. The Prime Minister’s Office (PMO) issued a notice following a review meeting on the country’s gas supply. Taking note of complaints regarding reduced gas availability, the prime minister stressed the need for structural reforms in the energy sector to address supply challenges permanently. Officials briefed the prime minister that surplus RLNG in the system has improved load management compared to last year, reducing…

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OGDCL Revives and Enhances Oil Production from Pasakhi-5 Well in Hyderabad, Sindh

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OGDCL-Project

ISLAMABAD, December 26, 2024: Oil & Gas Development Company Limited (OGDCL), Pakistan’s largest exploration and production company, has successfully revived and enhanced oil production from the Pasakhi-5 well, located in Hyderabad district of Sindh. The well is part of the Pasakhi Development & Production Lease (D&PL), with OGDCL holding a 100% working interest.As part of a strategic optimization initiative, OGDCL deployed a rig to install an artificial lift system (ESP) at the well to enhance oil production. Previously, the well was producing 480 barrels of oil per day (BPD) on…

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OGDCL Boosts Oil Production with Revived Well in Hyderabad

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Oil and Gas Development Company Limited (OGDCL), Pakistan’s largest exploration and production company, has significantly enhanced oil output by reviving its Pasakhi-5 well in Hyderabad district, Sindh. In a notice to the Pakistan Stock Exchange (PSX), OGDCL announced that the Pasakhi-5 well, part of the Pasakhi Development & Production Lease where it holds a 100% working interest, has undergone a strategic upgrade. The company deployed a rig to install an artificial lift system (ESP), which increased the well’s oil production from 480 barrels per day (BPD) to an impressive 900…

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