Friday, July 19 2024

Foreign firms not interested in offshore oil, gas drilling
The National Asse­mbly’s Standing Committee on Energy (Petroleum Division) was informed on Thursday that no company was interested in offshore oil and gas exploration in the country after Kekra-1, an exploratory well, remained dry in 2019. The session was chaired by Syed Mustafa Mehmood, the committee’s chairman. The members enquired about reasons for the lack of interest being shown by international players in the country’s oil and gas sector. Petroleum Minister Musadik Malik informed the standing committee that major oil and gas companies were leaving Pakistan. The minister said global companies turn to countries where it is easy to do business.
Related news categories: business misc oilgas-exploration oilgas-marketing

Thursday, July 11 2024

Saudi Arabia raises $12.3b via Aramco share sale
Saudi Arabia raised a total of $12.35 billion from selling more shares in Aramco, after increasing the offering in the world’s most valuable oil company, a document seen by Reuters showed. The success of the share sale and additional proceeds will help further fuel Saudi Arabia’s ambitions to invest in new industries and wean its economy away from oil under its Vision 2030 plan. The kingdom raised an additional $1 billion after exercising a so-called green shoe option, according to the document, which allows banks to place more stock when there is demand from investors. The government last month sold a 0.64% stake, or about 1.545 billion shares, in Aramco at 27.25 riyals ($7.27) a share. Another 154.5 million shares were placed via Merrill Lynch, which was acting as a stabilisation manager on the deal.
Related news categories: business misc oilgas-exploration oilgas-marketing

Thursday, July 04 2024

What are the demands of petroleum dealers?
The Pakistan Petroleum Dealers Association (PPDA) has demanded the immediate withdrawal of the advance income tax within four days, threatening a nationwide strike if their demands are not met. "We have clearly stated that we will take strict action," said PPDA Chairman Abdul Sami Khan. The association represents 14,000 dealers who are poised to shut down petrol pumps across the country starting July 5. The PPDA announced the strike as a protest against the imposition of a 0.5 per cent advance turnover tax in the recent budget. Chairman Abdul Sami Khan warned that this tax would devastate the petrol pump business, which is already struggling with minimal profits and high inflation.
Related news categories: business misc oilgas-exploration oilgas-marketing

Petrol dealers to go ahead with strike from tomorrow
The Pakistan Petro­leum Dealers Association (PPDA) on Wednesday announced that its talks with provincial and federal governments and other stakeholders had hit a deadlock, leaving them with no option but to go for a nationwide closure on July 5 (tomorrow). “They asked us to call off strike and promised to resolve the issue, but we cannot postpone the strike on mere assurances,” PPDA chairman Abdul Sami Khan said while speaking to Dawn. He explained that he met almost every stakeholder in the government, including those he could not name, besides the finance minister, chairman of the Federal Board of Revenue, Oil and Gas Regulatory Authority chief, petroleum secretary and representatives of the oil marketing companies’ advisory council, but dealers’ complaints remained unaddressed.
Related news categories: business misc oilgas-exploration oilgas-marketing

Thursday, June 27 2024

OGDCL to harness geothermal energy
Oil and Gas Development Company Limited (OGDCL) – Pakistan’s largest oil and gas exploration firm – has partnered with a global technology firm to enhance the use of technology for better planning, exploration, and production of oil and gas deposits across Pakistan. SLB, a company listed on the New York Stock Exchange and operating in around 100 countries, will assist OGDCL in improving controls over carbon footprints and combating climate change by developing technologies that reduce emissions and enhance geothermal energy for a better future for people and the planet. In a statement, SLB said that as part of the collaboration, it will help OGDCL develop a plan to evaluate the geothermal potential of 25 fields in the North, South, and Central basins in Pakistan, which have been pre-selected by the state-owned domestic exploration firm. The international firm’s experts, together with the OGDCL team, will assess surface, subsurface, and well data for the fields to identify focus areas and estimate their geothermal potential using regional models and well productivity calculations.
Related news categories: business economic-indicators oilgas-exploration oilgas-marketing psx stock-exchanges
Related symbols: ogdc (news stock)