Friday, December 20 2024

Oil edges higher on falling US inventories
Oil prices rose slightly on Thursday, supported by falling US crude inventories, though gains were limited after the US Federal Reserve signalled it would slow the pace of interest rate cuts in 2025, a move that could dampen economic growth, reduce fuel demand and strengthen the dollar. Brent crude futures rose 44 cents, or 0.60% to $73.83 a barrel by 1414 GMT. US West Texas Intermediate (WTI) crude for January delivery gained 68 cents, or 0.96%, to $71.26. The more active WTI contract for February rose 52 cents to $70.54. "The bottom line for oil is the longer the Fed stays on pause, the stronger the US dollar. This tends to generate headwinds for commodities like oil," said Harry Tchilinguirian at Onyx Capital Group. Official data from the Energy Information Administration on Wednesday showed US crude stocks fell by 934,000 barrels in the week to December 13.
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Tuesday, December 17 2024

OGDCL revives heavy oil well in Chakwal
The Oil and Gas Development Company Limited (OGDCL) has successfully revived a heavy oil well at its Rajian Oil Field in Chakwal district, boosting production by 1,000 barrels per day (bpd). According to a press release, the Rajian-3A well, suspended in 2020 due to formation challenges, was restored as part of OGDCL's optimisation efforts. Located within the Gujar Khan Exploration License, the field's output has now increased from 1,500bpd to 2,500bpd. OGDCL implemented an Electrical Submersible Pump (ESP) system in the Chorgali-Sakessar and Tobra formations to resume production at Rajian-3A, which reaches a depth of 3,652 meters. This well is the first of 11 targeted under an optimisation plan that includes workover jobs and advanced artificial lift systems.
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Related symbols: ogdc (news stock)

Monday, December 16 2024

OGDC discovers gas, condensate in K-P
Oil and Gas Development Company (OGDC) on Friday announced a significant gas and condensate discovery in the Samanasuk Formation exploratory zone. The discovery was made at the Bettani-02 (Slant) well in the Wali Block, located in the Lakki Marwat district of Khyber-Pakhtunkhwa. OGDC is the operator of the Wali exploration licence with a 100% working interest. The Bettani-02 well was drilled to a depth of 5,080 metres into the Shinawari Formation. Subsequent testing, using the Cased Hole Drill Stem Test-I, revealed a flow rate of 2.14 million standard cubic feet per day (mmscfd) of gas and 74 barrels per day (bpd) of condensate with wellhead flow pressure of 435 pounds per square inch (psi).
Related news categories: business economic-indicators oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: ogdc (news stock)

Thursday, December 12 2024

Gas, power tariff hikes under IMF fuel inflation: finance minister
The government admitted on Wednesday that a record 840 per cent increase in gas prices, over 110pc rise in electricity tariffs and a 43pc currency depreciation under the International Monetary Fund (IMF) programme have contributed significantly to the unprecedented inflation that has eroded the purchasing power and living standards of many Pakistanis. “Under the IMF stabilisation programme, the government has increased the long-due utility prices (electricity and gas),” Finance Minister Muhammad Aurangzeb said in a written testimony before the National Assembly on Wednesday. Giving details in response to a question from another government parliamentarian, Tahira Aurangzeb, the minister said that from November 2023 to February 2024, a major increase in gas and electricity charges had been observed.
Related news categories: business misc oilgas-exploration oilgas-marketing

Oil rises as EU agrees more curbs on Russia
Oil prices rose more than one per cent on Wednesday after the European Union agreed an additional round of sanctions threatening Russian oil flows, while a larger-than-expected build in US fuel stockpiles last week capped the gains. Meanwhile, producers’ group Opec cut its forecasts for demand growth in 2024 and 2025 for the fifth straight month on Wednesday and by the largest amount yet. Brent crude futures were up 88 cents, or 1.22pc, to $73.07 a barrel by 11:22am ET. US West Texas Intermediate crude futures rose $1.09, or 1.59pc, to $69.68. European Union ambassadors agreed on Wednes­day to a 15th package of sanctions on Russia over its war against Ukraine, the Hun­garian EU presidency said. “I welcome the agreement on our 15th package of sanctions, targeting in particular Russia’s shadow fleet”, European Commission President Ursula von der Leyen said on X.
Related news categories: business misc oilgas-exploration oilgas-marketing