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Site update: December 11 2019, at 17:30 PKST
Stock update: December 11 2019.

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Monday, December 09 2019

SNGPL Board approves Rs4050m projects
PESHAWAR - Advisor to Chief Minister Khyber Pakhtunkhwa for Energy and Power Himayat Ullah Khan Sunday said that Sui Northern Gas Pipeline limited (SNGPL) Board approved Gas Infrastructure Development Projects of Rs4050 million for gasification of Karak, Kohat, Hangu, Charsadda and Peshawar districts. He said this in a meeting of Energy Department, Himayat Ullah Khan informed that this was the first time in last ten years that gasification projects have been approved for Oil and Gas producing districts of Khyber Pakhtunkhwa, said a handout issued here. The Board has approved Rs1944 million Gasification Projects for districts Karak, Kohat and Hangu. Out of the total project cost, SNGPL will fund Rs1250 million while remaining cost of Rs694 million will be funded by Government of Khyber Pakhtunkhwa. The project scheme will result in provision of gas to about 25,000 households, he added.
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: sngp (news stock)

Thursday, December 05 2019

Ministry sends names of candidates for post of OGDCL MD to PM
Islamabad - The Ministry of Energy (Petroleum Division) has sent names of two shortlisted candidates for the post of Managing Director/Chief Executive Officer OGDCL to the Prime Minister as two other shortlisted nominees have failed to clear the security check. The Board of Directors (BoD) of Oil and Gas Development Company Limited (OGDCL) had finalized a panel of four candidates for the slot of MD/CEO, however only two have cleared the security clearance, official sources privy to the development confided to The Nation. The source said the Ministry of Energy (Petroleum Division) has sought the approval of the Prime Minister that whether the nomination of two candidates cleared by the security agencies may be sent to the cabinet for their concurrent or the process for appointment of MD/CEO, OGDCL may be initiated afresh. It is pertinent to mention here that OGDCL is working without permanent MD for the past six year years and affairs of the country largest E&P company is being managed on ad hoc basis. In July this year acting MD/CEO Zahid Mir, had resigned from his post and the acting charge of the company was handed over to Dr. Naseem Ahmed, Executive Director (Production). Zahid Mir had worked as an acting MD/CEO for around four years.
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: ogdc (news stock)

Thursday, November 28 2019

New plant environment assessment: Pak Suzuki shares report with Sindh government
KARACHI: While the economy is experiencing a slowdown and the automobile sector has been badly hit, Pak Suzuki Motor Company sees light at the end of the tunnel as it plans to expand its plant. According to the environmental impact assessment (EIA) of Pak Suzuki Motor’s expansion project posted on the Sindh Environmental Protection Agency (Sepa) website, the company would construct the new plant adjacent to its existing plant at the Pakistan Steel Industrial Estate, Karachi. The plant would occupy an area of 75.062 acres and would include storage areas and an internal road network. Suzuki Motor Corporation Japan, the parent company of Pak Suzuki Motor, would fund the project with an investment of $450 million. Initially, the plant will have the capacity to produce 120,000 four-wheelers per annum but later it will be enhanced to 200,000 vehicles per year.
Related news categories: auto-assembler business company-news economic-indicators ise kse lse misc psx stock-exchanges
Related symbols: psmc (news stock)

Wednesday, November 27 2019

OGDCL denies discovery of Shale hydrocarbons
Islamabad - OGDCL has said that the news of discovery of Shale hydrocarbons is factually incorrect as no Shale well has been drilled by the company so far. OGDCL is however working on a Shale Pilot Project which includes drilling of Shale well at future date, said a spokesman of the company here. According the spokesman Pakistan’s estimated natural gas demand is about 7-8 BCFD out of which less than 4 BCFD is being produced locally. There is 50 per cent of Gas shortfall in the energy mix of the country. Successful exploitation of shale gas may provide Pakistan with a sustainable supply of natural gas/oil (against EIA estimated recoverable gas resources). According to EIA Shale Gas Assessment Report 2015 (USA); Pakistan has around 105 Tcf of recoverable shale gas and 9.1 Billion bbls of recoverable shale oil resources. However the resources are not booked as “reserves” and need to be further rationalised through additional technical information regarding the Shale Reservoir. OGDCL conducted Shale Gas Study in Indus Basin through M/s Weatherford, USA. This study used available data comprising petrophysical, geological, geophysical, geochemical, geomechanical and reservoir etc. of over 117 wells drilled across the Indus Basin. The study shortlisted priority areas and provided geo-modeling, well design for pilot vertical and horizontal sections along with frac design, simulated production profile and tentative cost estimates.
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: ogdc (news stock)

Tuesday, November 26 2019

OGDCL denies discovery of Shale hydrocarbons
Islamabad - OGDCL has said that the news of discovery of Shale hydrocarbons is factually incorrect as no Shale well has been drilled by the company so far. OGDCL is however working on a Shale Pilot Project which includes drilling of Shale well at future date, said a spokesman of the company here. According the spokesman Pakistan’s estimated natural gas demand is about 7-8 BCFD out of which less than 4 BCFD is being produced locally. There is 50 per cent of Gas shortfall in the energy mix of the country. Successful exploitation of shale gas may provide Pakistan with a sustainable supply of natural gas/oil (against EIA estimated recoverable gas resources). According to EIA Shale Gas Assessment Report 2015 (USA); Pakistan has around 105 Tcf of recoverable shale gas and 9.1 Billion bbls of recoverable shale oil resources. However the resources are not booked as “reserves” and need to be further rationalised through additional technical information regarding the Shale Reservoir.
Related news categories: business company-news economic-indicators misc oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: ogdc (news stock)

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