LONDON: Oil prices edged up on Thursday after Saudi Arabia’s state oil company raised its March crude prices sharply, but the gains barely dented the previous day’s slide in benchmark Brent crude. Brent crude futures rose 28 cents, or 0.4%, to $74.89 a barrel by 1251 GMT. U.S. West Texas Intermediate crude was up 29 cents, also 0.4%, at $71.32.…
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SINGAPORE: QatarEnergy has raised the term price for al-Shaheen crude oil loading in March, trade sources said on Thursday, setting it at a premium that has been the highest in more than two years. The term price has risen by $2.76 to $3.81 per barrel, from the premium of $1.05 per barrel set for February-loading cargoes, the sources said. The…
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Oil & Gas Development Company Limited (OGDCL), Pakistan’s largest exploration and production (E&P) company, commenced production of oil and gas from its Kharo-1 well located in Khairpur district, Sindh. The E&P shared this development in its notice to the Pakistan Stock Exchange (PSX) on Wednesday. “We are pleased to announce that Kharo-1 well has been successfully brought into production,” said…
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LONDON: Oil prices rallied more than 4% on Friday to reach their highest levels since October as traders focused on potential supply disruptions from more sanctions on Russia. Brent crude futures gained $3.50, or 4.6%, to $80.42 a barrel by 1422 GMT, reaching $80 a barrel for the first time since Oct.7. U.S. West Texas Intermediate crude futures advanced $3.57,…
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PPL Asia E&P B.V. (PPL Asia), a subsidiary of Pakistan Petroleum Limited (PPL), has received a settlement amount of $6 million from Midland Oil Company (MdOC), a state-owned Iraqi oil entity. PPL, one of Pakistan’s largest exploration and production (E&P) companies, shared the development in its notice to the Pakistan Stock Exchange (PSX) on Monday. “This is further to our…
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NEW DELHI: India’s November crude imports showed Middle Eastern oil at a 9-month high while Russia accounted for its smallest share in three quarters, ship tracking data obtained from sources showed. Refiners in India have been gorging on cheaper Russian oil despite problems posed by sanctions aimed at reducing Moscow’s oil revenue to fund its war in Ukraine. The world’s…
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Plot No. 37 & 39, Mauve Area, Service Road South, Sector G-10/4 Islamabad Reference No. OGRA-Fin-28-11(08)/2024 Islamabad the, December 20, 2024Subject:OFFICE MEMORANDUMSRO NOTIFICATION FOR PUBLICATION IN THE GAZETTE OFPAKISTAN (EXTRA ORDINARY).Please find enclosed herewith notification No. OGRA-Fin-28-11(08)/2024 dated December 20, 2024 in respect of RLNG weighted average saleprice with effect from December 01, 2024. Islamabad the, December 20, 2024NOTIFICATIONS.R.O. (I)/2024.…
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ISLAMABAD, December 16, 2024: Oil and Gas Development Company Limited (OGDCL), Pakistan’s leading exploration and production company, has successfully revived a heavy oil well in the Northern Region field, marking a significant milestone in the nation’s energy sector. The initiative was undertaken at the Rajian Oil Field located in Gujar Khan Exploration License (E.L.), district Chakwal, and is part of…
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Oil prices rose more than 2% on Monday on a decision by OPEC+ to delay by a month plans to increase output, while the market braced for a crucial week that includes the U.S. presidential election. U.S. Democratic candidate Kamala Harris and Republican Donald Trump remain virtually tied in opinion polls ahead of Tuesday’s Election Day, and the winner might not…
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ISLAMABAD: National Assembly Standing Committee on Petroleum Division on Thursday expressed serious concern over inadequate regulatory oversight that has led to the misuse of Corporate Social Responsibility (CSR) funds and the underutilization of the Production Bonus and Training Fund by exploration and production (E&P) companies. Chaired by MNA Syed Mustafa Mehmood, the Standing Committee convened to review the CSR initiatives…
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