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The acquired 221 Line km of 2D seismic data and 21 Sq. km of 3D seismic data represents 49% of total 2D and 17% of total 3D seismic data acquisition in the country respectively,” the company said in its first quarterly financial report for 2022-23. Moreover, the OGDCL using in-house resources processed/reprocessed 1,065 Line km of 2D seismic data, besides carrying out an additional 135 Line km of geological fieldwork in Nowshera. On the drilling front, the company spud one exploratory well namely Shahpurabad-1 (1Q 2021-22: 3 wells). It also…

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K-Electric (KE) announced the winners for the first 7/11+ Innovation Challenge in partnership with INNOVentures Global at a day-long event held at Habib University in Karachi. KE’s 7/11+ Innovation Challenge is the first of its kind event in Pakistan’s utility market, designed for entrepreneurs, startups, researchers, and university students to promote and accelerate strategic innovation. Participants spent the first half of the day making final pitches to the esteemed Jury followed by a panel discussion and award announcement in the second half. Chairman NEPRA, Tauseef H. Farooqi was also in…

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From being applauded for taking the “difficult” decisions to taking none at all – life has come full circlet for the government. The inability to rationalize gas prices was (rightly) dubbed as one of the key reasons why the energy sector is in such a mess. The blame was put on the previous government, which failed to act upon the regulator’s approved determinations and kept the consumer end prices unchanged for over two years. All of this was supposed to change after April 2022, as electricity tariffs were significantly revised,…

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Over half a dozen Development Finance Institutions (DFIs) have sought amendments in pacts with Independent Power Producers (IPPs) to replace USD LIBOR with Secured Overnight Financing Rate (SOFR), to be applicable from June 30, 2023, sources close to Chairman NEPRA told Business Recorder. Development Finance Institutions (DFIs ) comprise of Asian Development Bank (ADB), British International Investment plc (BII), Deutsche Investitions – Und Entwicklungsgesellschaft mbH (DEG), Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO), International Finance Corporation (IFC), and Islamic Development Bank (IsDB). The Export-Import Bank of Korea (KEXIM), and Societe De Promotion…

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 Pakistan’s official delegation will leave for Moscow on Monday (today) on a three-day visit for talks with the Russian authorities to explore possibilities of import of crude oil at a discounted price, mode of payment, and shipment cost, etc. “Both sides would also deliberate on futuristic cooperative areas including two gas pipelines that include the much-touted Pakistan Stream Gas Pipeline (PSGP), to be laid from Karachi to Lahore and a trans-nations gasline from Russia via Kazakhstan to Pakistan,” one of the top officials of the Energy Ministry told The News.…

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