KARACHI: Oil and gas Development Company Limited (OGDCL) on Tuesday announced discovery of oil and gas at Chanda Well#5 located at Kohat District,Khyber Pakhtoonkhwa province.
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You can go through stories related to energy. The stories are about changes in petroleum prices and updates on energy sector of Pakistan and world.
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US ambassador praises Engro Elengy for fastest 250 ship-to-ship transfers
KARACHI: US Ambassador Paul W. Jones has praised Engro and Excelerate Energy to achieve incredible milestone of the world’s fastest 250 ship-to-ship transfers of LNG.
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Strike on Saudi’s ARAMCO: Pakistan’s oil bill may rise
Recent drone attacks on Saudi Arabia’s largest oil facilities have sparked concerns about their potential impact on Pakistan’s oil import bill. The attacks targeted the Abqaiq and Khurais oil fields, causing substantial disruptions in oil production. Approximately 5.7 million barrels per day, representing about 50% of Saudi Arabia’s total oil output and 5% of global production, have been halted.
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Hub Power declares Rs8.036 billion annual profit, 6.17pc lower than previous year
KARACHI: Hub Power Company Limited (HUBCO) has declared net annual profit of Rs8.036 billion for the period ended June 30, 2019, which is 6.17 percent lower than the profit of Rs8.565 billion in the previous year.
According to financial statement for year 2019 submitted to Pakistan Stock Exchange (PSX) on Thursday, the company also declared earnings per share at Rs6.70 for the year, which is also lower when compared with EPS Rs7.15 in the last year.
The total turnover of the company sharply fell to Rs36.028 billion in 2019 as compared with the turnover of Rs76.675 billion. The operating costs have been declined to Rs24.29 billion as compared with Rs66.872 billion.
The company declared gross profit of Rs11.733 billion in the year 2019, which is 19.68 percent higher than the gross profit of Rs9.803 billion a year ago.
The company declared profit from operations to the tune of Rs13.236 billion for the year under review as compared with Rs11.022 billion in the last year.
Finance costs of the company increased to Rs4.96 billion as compared with Rs2.247 billion. This brings the profit before taxation of the company at Rs8.275 billion as compared with Rs8.77 billion of the last year.
The company paid taxes to the tune of Rs238.523 million in 2019 as compared with Rs209.2 million in the previous year.
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OGDCL discovers huge gas reserves in Khyber PakhtoonKhwa
KARACHI: Oil and Gas Development Company Limited (OGDCL) on Tuesday announced huge amount of gas discovery and condensate from exploratory well at Kohat, Khyber PakhtoonKhwa.
In a notification to Pakistan Stock Exchange (PSX) and London Stock Exchange Plc., the company said that the joint venture of Kohat E.L. comprising OGDCL as operator (50 percent), Mari Petroleum Company Limited (MPCL) (33.33 percent) and Saif Energy Limited (SEL) (16.67) percent, has discovered gas and condensate from its exploratory efforts at Well Togh-01, which is located in district Kohat, Khyber PakhtoonKhwa Province.
Togh Well#01 was drilled and tested using OGDCL’s in house expertise in consultation with Kohat Joint Ventures MPCL and Saif Energy. “The well was drilled down to the depth of 3200 meters. The well was tested at the rate of 12.7 million standard cubic feet per day (MMSCFD) gas, 240BPD condensate through choke size 32/64” at well head flowing pressure 2478 Pounds per Squre Inch (Psi) from Lumshiwal formation.
The company said that the discovery of Togh Well # 01 is the result of aggressive exploration strategy adopted by Kohat the Joint Venture. It has opened a new avenue and would add to the hydrocarbon reserves base of the OGDCL, Joint Venture partners and of the country.
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Pakistan Oilfields announces large oil, gas discovery in Kohat
KARACHI: Pakistan Oilfields Limited (POL) on Thursday announced discovery of large deposits of oil and gas at TAL Block, Kohat District, Khyber Pakhtunkhwa.
According to an information received from POL to Pakistan Stock Exchange (PSX), the operator of TAL Block, hydrocarbons had been encountered in Development Well Makori Deep-02, which had been drilled and was currently under testing phase.
As a result of Drill Stem Test (DST) conducted at the well to test the potential of Lockhart formation, the well has tested 1,844 barrels per day of oil and 18.25 MMscf of gas per day at 32/64” fixed choke size at the flowing wellhead pressure 3,767 psi.
Production from the well is expected to start from December 2019, according to the announcement.
A DST is a procedure for isolating the testing the surrounding geological formations through the drill stem. The test is a measurement of pressure behaviour at the drill stem is a way to obtain important fluid sampling information and to establish the probability of commercial production.
Accordingly it should be borne in mind that actual production may differ significantly from the test result, it added.
TAL Block (3370-3) petroleum exploration license was awarded on Feb 11, 1999 to MOL Pakistan Oil and Gas Co.B.V. along with Oil and Gas Development Company limited (OGDCL) Pakistan Petroleum Limited (PPL) and Government Holdings Private Limited (GHPL) over an area of 4643.48 SQ KM. Subsequently, consortium was joined by Pakistan Oilfields Limited (POL) on October 8, 2001.
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SBP issues Islamic financing scheme for renewable energy projects
KARACHI: State Bank of Pakistan (SBP) on Wednesday issued a new scheme of Islamic financing for renewable energy power projects.
The central bank said that it had issued IH&SMEFD Circular No. 01 dated February 22, 2019 introducing Mudarabah based ‘Islamic Financing Facility for Renewable Energy (IFRE)’ for Islamic Banking Institutions (IBIs) and DFIs having authorized Islamic financing operations.
Now an updated Islamic Financing Facility for Renewable Energy (IFRE) is being issued. This updated IFRE shall supersede and replace the Facility issued vide above-mentioned Circular.
The financing under IFRE is now available to the customers under three categories, as given below:
Category I: Prospective sponsors desirous of setting up renewable energy power projects with a capacity ranging from more than 1 MW and up-to 50 MW for their own use, selling electricity to the national grid (including distribution companies) or combination of both.
Category II: Prospective sponsors desirous of installing renewable energy source based projects/ solutions for generation of electricity up-to 1 MW.
Category III: Vendors and suppliers certified under AEDB Certification Regulation 2018 for installation of wind and solar systems on lease basis or selling of electricity to ultimate owners/users.
The SBP shall make Mudarabah investment in general pool of Participating Islamic Financial Institutions (PIFIs) under IFRE. Mudarabah investment of SBP in IFRE shall be available upto maximum financing limit of eligible projects as prescribed under each category of the Scheme.
IFRE shall be effective immediately and financing shall be available for projects achieving financial close under Category I and new sanctions under Category II or III after date of issuance of this Circular and up-to June 30, 2022 only.
The IBIs and DFIs having authorized Islamic financing operations under permission of SBP may submit their requests for the status of Participating Islamic Financial Institution (PIFI) keeping in view the criteria given in the facility.
They may also apply for allocation / assignment of limit for the current financial year. These requests may be submitted latest by 15th May each year. For the financial year 2019-20, these requests may be submitted within 30 days from the date of issuance of this Circular.
The IBIs and DFIs having authorized Islamic financing operations under permission of SBP which have already submitted their requests for status of PIFI and allocation of limit under earlier version, issued vide IH&SMEFD Circular No. 01 dated February 22, 2019, need not resubmit their requests unless they desire to revise amount of their requested limits.
However, they will be required to submit their updated operations/process manual aligned with this Scheme.
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Hubco declares commercial operation date for 1320MW coal-based power plant
KARACHI: China Power Hub Generation Company (CPHGC) – a joint venture between The Hub Power Company Ltd. (HUBCO) and China Power International Holding – has declared the Commercial Operations Date (COD) of its 1320MW imported coal power plant and integrated jetty with coal transhipment capacity of 4.2 MTPA, a statement said on Sunday.
Developed in record time, as per schedule and within projected costs, the CPHGC project is a part of the early harvest energy projects under China Pakistan Economic Corridor (CPEC) framework, making it truly a project of national and strategic significance.
The plant will add 9 billion kWh of electricity to the national grid every year, meeting electricity needs of 4 million households in the country. The Project’s two units achieved synchronization with the National Grid on December 28, 2018 and May 28, 2019, respectively, while the Integrated Coal Jetty became operational in December 2018 with arrival of the first shipment of coal.
“The successful completion of CPHGC project has fortified the dream of energy independence of Pakistan. Since the synchronization earlier in May, we conducted extensive testing of the systems to make sure we deliver quality while keeping HSE as our top-priority. I am glad that this Pak-China synergy has resulted in engineering excellence and has fulfilled our promise of providing Pakistan with affordable and ample energy” said Khalid Mansoor, CEO HUBCO.
It is important to note that the Project has also delivered on various social commitments for improving the lives of the local community of Hub and Lasbella.
Together with its partners, CPHGC has setup a school in Gadani, a floating jetty for fishermen in Abbas Village and has conducted various training and development programs for the local youth of Balochistan.
The Pakistani principal of the project, The Hub Power Company Limited currently produces over 2920 MW through its four plants spread over Baluchistan, Punjab and Azad Jammu & Kashmir.
HUBCO is the only power producer in Pakistan with four projects listed in the CPEC out of which three are under-construction namely Thar Energy Limited (TEL) and Thalnova Power Thar (Pvt.) Ltd. and Sindh Engro Coal Mining Company (SECMC) at Thar Block II.
The power generation capacity of the Company will enhance to over 3580MW after completion of the aforementioned power projects.
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SBP revises refinance scheme for renewable energy
The State Bank of Pakistan (SBP) on Friday announced a revised refinancing scheme aimed at boosting renewable energy projects. The new scheme sets a maximum loan amount of Rs6 billion for individual projects up to 50 megawatts.
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OGDCL announces discovery of oil and gas in Sindh
KARACHI: Oil and Gas Development Company Limited (OGDCL) on Wednesday announced discovery of oil and gas in District Sanghar of Sindh province.
In an information to Pakistan Stock Exchange (PSX) it said that the joint venture of Bitrism Block comprising OGDCL as operator 95 percent and Government Holdings (Pvt.) Limited (five percent carried) has discovered oil and gas from its exploratory well Pandhi # 01, which is located in District Sanghar, Sindh Province.
It said that the structure of Pandhi # 01 was delineated, drilled and tested using OGDCL’s in house expertise. The well was drilled down to the depth of 3600 meters. The well has tested 9.12 million standard cubic feet per day (MMSCFD) of gas and 520 barrels per day of oil through choke at wellhead flowing pressure of 840 pounds per square inch (Psi) from lower Goru (Basal Sand) Formation.
The discovery of Pandi # 01 is the result of aggressive exploration strategy adopted by the company in pursuance of the government’s directive to explore and produce local oil and gas. It would add to the hydrocarbon reserves of OGDCL and the country.
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