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Site update: April 09 2024, at 16:45 PKST
Stock update: April 09 2024.

Recent Financial News in the 'oilgas-exploration' category

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Tuesday, April 09 2024

Oil falls 1pc on Gaza ceasefire talks
Oil prices fell over a dollar a barrel on Monday after Israel reduced its troops in southern Gaza and began a fresh round of ceasefire talks with Hamas. Brent crude futures fell $1.07, or 1.2 per cent, to $90.10 a barrel by 1:26 p.m. ET (1726 GMT). US West Texas Intermediate crude was down 85 cents, or 1pc, at $86.06. Both benchmarks fell more than $2 earlier in the session, with investors focusing on Israel’s decision to withdraw more soldiers from southern Gaza on Sunday. Also weighing on oil prices were expectations that US crude oil stocks likely rose last week, Staunovo said. However, the decline in oil prices should be modest until it becomes clear how Iran will respond to the bombing of its consulate in Syria last week, he added.
Related news categories: business misc oilgas-exploration oilgas-marketing

OGDCL finds tight gas
The state-run Oil and Gas Development Company Ltd (OGDCL) on Monday announced to have discovered tight gas at its exploratory Well Nur West-01, situated in the Sujawal district of Sindh. OGDCL is the sole operator with a 100pc stake in Nur Development & Production Lease. A company statement said the structure of Nur West-01 was drilled and tested using OGDCL’s in-house expertise to a depth of 2,975 metres. The well tested 1.24 million standard cubic feet per day of gas through a 32/64” choke at a wellhead flowing pressure of 150 Pounds per Square Inch from the Lower Goru Formation (‘A’ Sand). The discovery is being evaluated as Tight Gas, the company said. The statement said the success at Nur West-01 was the result of the company’s steadfast commitment to strategic exploration initiatives to augment the hydrocarbon reserve base of both OGDCL and the country.
Related news categories: business misc oilgas-exploration oilgas-marketing
Related symbols: ogdc (news stock)

Wednesday, April 03 2024

Brent oil hits highest price this year
Global oil benchmark Brent on Tuesday rose above $89 a barrel for the first time since October, albeit briefly, as oil supplies faced fresh threats from Ukrainian attacks on Russian energy facilities and escalating conflict in the Middle East. Brent futures for June delivery were up $1.35, or 1.5 per cent, at $88.76 a barrel by 11:40 a.m. EDT (1540 GMT) after touching a peak of $89.08. US West Texas Intermediate (WTI) crude futures for May rose $1.27, or about 1.5pc, to $84.98 after touching a peak of $85.46, also the highest since October. A Ukrainian drone struck one of Russia’s biggest refineries on Tuesday in an attack that Russia initially said it repelled.
Related news categories: business misc oilgas-exploration oilgas-marketing

Thursday, March 21 2024

RLNG prices raised after two monthly reductions
ISLAMABAD: With massive system losses of 14.5 per cent, the Oil and Gas Regulatory Authority (Ogra) on Wednesday notified up to 2.75pc increase in the sale price of Regasified Liquified Natural Gas (RLNG) for two Sui gas companies — SSGCL and SNGPL — for the current month with effect from March 1 owing to higher international prices. This is the first price increase after a gap of two consecutive monthly price cuts — 9pc in February and 8pc in January. The RLNG’s sale price for Lahore-based Sui Northern Gas Pipelines Ltd (SNGPL) has been raised by 2.75pc to $11.86 per mmBtu for March against $11.55 in February, $12.65 in January and $13.68 in December. The sale price at the distribution stage for SNGPL was slashed by 2.58pc to $12.814 per mmBtu for March from $12.49 per unit in February, $13.67 in January and $14.8 in December. Likewise, the RLNG sale price for Karachi-based Sui Southern Gas Company Ltd (SSGCL) has been increased at the transmission stage by 0.8pc to $11.215 mmBtu against $11.126 in February. This is still on the lower side as the transmission stage rate for the company stood at $13.264 per unit in December. The sale price at the distribution stage for the company was increased by 0.76pc to $13.056 per mmBtu for March against $12.96 in February, $14.245 in January and $15.45 per unit in December 2023.
Related news categories: business misc oilgas-exploration oilgas-marketing

Tuesday, March 19 2024

Company may sink if tariff hike delayed: SSGC
The management of Sui Southern Gas Company (SSGC) has warned that the public gas utility will sink financially if gas prices are not increased at an appropriate time. At a public hearing held by the Oil and Gas Regulatory Authority (Ogra) on Monday, SSGC sought a price increase of Rs274.40 per million British thermal units (mmBtu) effective from July 1, 2024 to meet its revenue requirement of Rs359 billion. The company asked for Rs25 billion on account of return on assets. SSGC managing director said that it was a difficult situation for the company as it was paying for gas purchase in dollars and selling it to consumers in rupees. Owing to that situation, the company’s huge receivables amounting to Rs300 billion had got stuck over the past two years. Payables of the company stood at more than Rs300 billion, SSGC officials said, adding that the outstanding dues were also impacting hydrocarbon search activities of oil and gas exploration companies.
Related news categories: business economic-indicators oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: ssgc (news stock)

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