Category: Shortcode

Oil and Gas Development Company Limited (OGDCL), the largest oil and gas exploration company in Pakistan, on Monday announced the discovery of oil and gas reserves from its exploratory well in Sindh. In a notice sent to the Pakistan Stock Exchange (PSX), the company said that OGDCL, “as operator with 100% working interest, has discovered oil and gas from development cum exploratory well namely Chak-5 Dim South-3 which is located in District Sanghar, Sindh Province.” The exploration company said that Chak-5 Dim South-3 was spudded in on June 26, 2022…

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The cost of fuel for electricity generation in November went down by more than one-third to Rs5.99 per unit from a month ago, according to data recently released by the National Electric Power Regulatory Authority. A 27.1pc reduction in the cost of coal-based electricity contributed to the overall drop of 33.6 per cent in the average fuel cost in November, according to Tahir Abbas, head of research at Arif Habib Ltd. The per-unit cost of coal-generated power dropped from Rs17.61 in October to Rs12.84 in November, thanks to the addition…

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The United Kingdom government has announced that Virgin Atlantic will fly a historic net zero London-New York flight in 2023. Virgin Atlantic won a competition to receive government funding for the first net-zero transatlantic flight, according to an official press release by the U.K. State on Friday.  “For decades, flying from London to New York has symbolized aviation’s ability to connect people and drive international progress. It’s now going to be at the forefront of cutting carbon emissions from flying,” said British transport secretary Mark Harper. Not only will this…

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Without allowing an upward revision in electricity and gas tariffs, the government on Saturday directed the relevant authorities to come up with viable plans to reduce the monster of circular debt that had now peaked at Rs4 trillion. However, without pricing adjustments, the IMF has rejected the initial plan for slashing the circular debt shared by Pak authorities with them in recent days because the Fund wants cost recovery of electricity and gas generation sectors. Top official sources told The News on Saturday that Minister for Finance Ishaq Dar chaired a high-level…

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The Sui Southern Gas Company has implemented the load management plan, while suspending the gas supply to the captive power sector after CNG. The gas supply to the captive power plants will be cut off for 24 hours and CNG stations will also experience gas suspension for three days from Friday. The gas supply to both sectors will be restored on Monday at 8 am. According to the spokesperson of SSGC, the domestic consumers’ demand has increased in the Balochistan region. It merits here to mention that the gas load-shedding…

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