Category: Shortcode

E&P Companies Suffer Over Rs50 Billion Loss Due to Reduced Gas Outflows

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Gas-Project

ISLAMABAD: Pakistan’s Exploration and Production (E&P) companies, including OGDCL, Mari Petroleum, PPL, and MOL, incurred losses exceeding Rs50 billion from 2021 to 2024 due to curtailed gas outflows by gas companies attempting to manage line pack pressure in the national transmission system. A senior Energy Ministry official highlighted that reducing gas outflows, particularly from wells nearing depletion, poses significant risks. Such reductions can cause irreversible damage to these wells, necessitating costly artificial lift methods to resume production. Several wells have already suffered extensive damage and failed to recover their original…

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PM Approves Gas Sale Mechanism Proposed by Dar-Led Task Force

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OGRA-GAS

ISLAMABAD: Prime Minister Shehbaz Sharif on Sunday endorsed the implementation framework approved by Deputy PM Ishaq Dar’s 20-member task force on November 18, which allows Exploration and Production (E&P) companies to auction and sell 35% of gas from future wells to the private sector. The Council of Common Interests (CCI) had given its nod to the amended E&P policy and mechanism on January 26, 2024. The framework is now set to be presented to the Executive Committee of the National Economic Council (Ecnec) on Monday for final approval, a step…

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Record Drop in Prices of Solar Panels and Batteries Amid Declining Demand

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Solar-Panels

LAHORE: The prices of solar panels and batteries have seen a significant reduction in Pakistan due to a notable decline in demand. Market sources report that the cost of lithium solar batteries has dropped by up to 20%, with a battery previously priced at PKR 450,000 now available for PKR 380,000. Similarly, batteries that were sold for PKR 300,000 to PKR 400,000 are now being offered at a reduced price of PKR 200,000 to PKR 250,000. This price reduction is attributed to the entry of new companies into the lithium…

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Petroleum Policy Crisis Deepens Amid Leadership RiftAdditional Secretary Seeks Reassignment Following Conflict with Petroleum Minister

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petroleum-imports

ISLAMABAD: The Petroleum Division is grappling with a deepening crisis as internal discord over gas allocation policies and other pressing issues escalates. A rift between Petroleum Minister Musadik Malik and senior officials has resulted in the resignation of Additional Secretary Petroleum Zafar Abbas, further complicating matters. The tensions arose following a decision by a high-level committee led by Deputy Prime Minister Ishaq Dar to allocate 35% of gas to third parties with a cap of 100 million cubic feet per day (MMscfd). This policy was lauded by the oil and…

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Bridging Climate Finance Gaps: Pakistan’s Role in Global Carbon Markets

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Climate-Finance

ISLAMABAD: The 29th UN Climate Change Conference (COP29) in Baku, Azerbaijan, brought together 200 countries to address the critical issues of climate finance and adaptation challenges. Central to the discussions were the New Collective Quantified Goal (NCQG) and Article 6, both offering transformative potential for achieving global climate and development objectives. Building on the 2009 commitment of mobilizing $100 billion annually—a goal only met in 2022—the NCQG aims to unlock climate financing at a scale necessary to support vulnerable nations. Reports suggest that developed countries anticipate a trillion-dollar target to…

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