Oil, gas firms await incentives for output boost

Russian-oil

Have potential to raise production from existing fields by embracing modern technology ISLAMABAD: Oil and gas exploration companies have called on the new government to formulate a policy that will offer incentives for optimising hydrocarbon production from the existing fields to ensure the country’s energy security. Sources told The Express Tribune that several oil and gas exploration companies had the…

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OMCs Increase HOBC Price by Rs10/Litre from April 1, 2024

petrol-price

Oil Marketing Companies (OMCs) have announced a Rs10 per litre hike in the price of Hi-Octane Blending Component (HOBC) effective from April 1, 2024. Despite this increase, the Petroleum Levy (PL) on HOBC remains at Rs50 per litre, maintaining a lower levy compared to low-grade motor gasoline, which incurs a PL of Rs60 per litre. The international price of petrol…

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Local Firms Withdraw Bid for Shell Pakistan as Saudi Group Finalizes Acquisition

Shell-PLC

After the announcement of a finalized deal between Shell Pakistan Ltd’s parent company and a Saudi Arabian group, local investors have withdrawn their plans to acquire a stake in the company. Pakistan Refinery Ltd (PRL) and Air Link Communication Ltd, two interested local investors, officially communicated their withdrawal to the Pakistan Stock Exchange (PSX), marking the end of their bid…

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Petroleum Demand Reaches 21-Month High, Indicating Economic Stability

oil-and-gas

In Karachi, the demand for petroleum oil products surged to a 21-month high of 1.15 million tonnes in March, showcasing a positive trend towards economic stability. Data from the Oil Companies Advisory Council (OCAC) revealed that oil marketing companies (OMCs) experienced a 4% increase in sales compared to the same period last year and a 3% rise from the previous…

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Petroleum Prices to Hike Again in Pakistan Amidst IMF Demand

Petroleum-prices

Sources suggest that Pakistan is gearing up for yet another increase in petroleum prices, with petrol expected to surge by Rs9.5 per liter from April 1. This hike could push the new price of petrol to range from Rs279.75 to Rs289.25. Additionally, the government is contemplating raising the petroleum levy from Rs60 to Rs100 per liter to meet IMF demands. Read…

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“OGDCL Makes Oil and Gas Discovery in Kohat District, KP”

OGDCL-1

Oil and Gas Development Company Ltd (OGDCL) has announced a significant hydrocarbon discovery in Kohat district of Khyber Pakhtunkhwa (KP), as per a recent stock filing. The discovery was made in the exploratory segment of the Togh-02 (Slant) well in the Lumshiwal-II Formation, located within the Kohat Exploration Licence area. OGDCL, operating with a 75% stake, and Saif Energy Ltd…

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Oil Industry Seeks Govt Action Against Petroleum Smuggling Crisis

fuel-oil

The oil industry in Pakistan is sounding an alarm over the escalating issue of petroleum smuggling, which is causing significant disruptions and financial losses across the oil supply chain. Major stakeholders in the petroleum market, including the Oil Companies Advisory Council (OCAC), Oil Marketing Companies of Pakistan (OMAP), and Pak-Arab Pipeline Company Ltd (Papco), have raised urgent concerns with the…

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Oil sector seeks urgent LC limit hike to avert industry collapse

oil-and-gas

KARACHI: The Oil Marketing Association of Pakistan (OMAP) has sought an immediate increase in the letters of credit (LCs) limits for oil marketing companies (OMCs), citing the country’s dire financial straits. “The pressing concerns surrounding foreign exchange losses, OMC margins, sales tax, smuggling of Iranian diesel, infrastructure development cess, and the revision of the price mechanism have pushed this vital…

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Govt plans PMU for upgrades amid refineries pushback

oil-refining

PMU will be led by DG (Oil) and will consist of representatives from refineries, OGRA, and a consultant to be jointly engaged by the refineries KARACHI: The government is setting up a project management unit (PMU) to streamline the upgrade of the country’s aging refineries under the oil refining policy, official documents showed. “Pursuant to the Cabinet Committee on Energy…

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OGRA DETERMINES RLNG PRICE

OGRA

Islamabad. The Oil and Gas Regulatory Authority (OGRA) in accordance with the Policy Guidelines of the Federal Government has determined the Regasified Liquified Natural Gas (RLNG) prices for sui companies with effective from March 1st, 2024 as under: The increase in RLNG prices is due to increase due to increase in the cost of supply.  The RLNG price notification for…

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