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OGDCL Announces Significant Gas and Condensate Discovery at Soghri North-1 Well in Attock, Punjab

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ISLAMABAD, March 17, 2025: Oil and Gas Development Company Limited (OGDCL), Pakistan’s largest exploration and production company, has announced a significant Gas and Condensate discovery at its Soghri North-1 well in the Soghri Block, located in the Attock district of Punjab. OGDCL is the sole of the Soghri Exploration License, with a 100% working interest.The Soghri North-1 well was spudded…

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Ogra Urges Refineries to Strengthen Agreements with OMCs

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KARACHI:* The Oil and Gas Regulatory Authority (Ogra) has advised local refineries to enhance agreements with oil marketing companies (OMCs) by incorporating legally binding clauses to ensure a structured and enforceable framework for prioritizing the upliftment of locally produced petroleum products. Regulatory Guidelines & Compliance In an official letter sent to refineries on Friday, Ogra emphasized that such agreements must…

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Pakistan Diverts Another LNG Cargo Amid Gas Transmission Pressure

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Pakistan-LNG

ISLAMABAD: The government has redirected another long-term LNG cargo to the international market to prevent strain on the national gas transmission system, which is experiencing line pack pressure fluctuating between 4.9 and 5 BCF. A senior Petroleum Division official confirmed that Pakistan had earlier requested Qatar to defer 10 LNG cargoes to 2026, of which only five were accommodated under…

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PPL’s Sui Field Operations Under Threat Again Amid Union Protest

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ISLAMABAD: The operations of Pakistan Petroleum Limited (PPL) at the Sui gas field are once again under threat as the employees’ union has disrupted activities, demanding recruitment under the abolished son quota scheme. Despite a Supreme Court ruling that declared the practice unconstitutional, the union is pressuring the management to comply with their demands. According to sources, local PPL management…

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PSOCL’s Outstanding Dues from PIA Surge to Rs 28.88 Billion

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PSO-PIA

ISLAMABAD: Minister for Energy (Petroleum Division) Ali Pervaiz Malik has revealed that Pakistan State Oil Company Limited (PSOCL) is owed Rs 28.88 billion by Pakistan International Airlines (PIA) for jet fuel supplies as of February 28, 2025. This includes Rs 14.29 billion in principal dues and Rs 14.59 billion in late payment surcharges. In a written response to the National…

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Petrol Prices Likely to Drop by Rs14 Per Litre

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Petrol-Diesel

ISLAMABAD: The prices of petroleum products are expected to decline by up to Rs14 per litre for the upcoming fortnight, ending March 31, due to fluctuations in global oil prices and import premiums. However, this relief depends on the government maintaining current tax rates. Officials indicate that authorities are considering absorbing part of the price reduction by increasing the petroleum…

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OGDCL Restores Oil Production at Rajian-11, Boosting Output to 1,000 BPD

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ISLAMABAD: Oil & Gas Development Company Limited (OGDCL), Pakistan’s leading exploration and production (E&P) firm, has successfully revived hydrocarbon production at Rajian-11, a heavy oil well located in the Chakwal district of Punjab. In a notice to the Pakistan Stock Exchange (PSX) on Wednesday, OGDCL announced that the well, which had been suspended since 2020 due to formation challenges, is…

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Oil edges higher, but recession fears and tariffs limit gains

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Oil price

NEW YORK: Oil prices rose less than 1% on Tuesday, helped by weakness in the dollar, although gains were capped as concerns mounted over a U.S. slowdown and the impact of tariffs on global economic growth. Brent crude futures rose 56 cents, or 0.8%, to $69.84 a barrel by 10:43 a.m. EDT (1423 GMT) after falling as low as $68.63…

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Oil marketing companies warn of collapse over forced refinery quotas

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Petrol-oil

• Reject ‘Take or Pay’ clause, say it benefits refineries at their expense• Move comes as fuel prices expected to see major cut this weekend• Under new rule, OMCs must buy assigned fuel quotas from refineries or pay penalties• Clause aimed at reducing imports, protecting local refining capacity ISLAMABAD: Indicating a substantial cut in prices of petroleum prices by this…

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SSGC Board  approves JJVL plant resumption on SIFC directed terms

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JJVL-SSGC

ISLAMABAD : The Board of Directors (BoD) of Sui Southern Gas Company Limited (SSGCL) has finally approved the revenue sharing formula between the gas utility company and Jamshoro Joint Venture Limited JJVL as per the directions of Special Investment Facilitation Council, (SIFC) sources told Newzshewz .The eleventh ECM previously directed for resumption of JJVL plant as per revenue sharing formula…

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