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OGDCL has discovered fresh hydrocarbon resources in Kohat.

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9 months ago

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The discovery of additional oil and gas deposits in Kohat, Khyber Pakhtunkhwa, has been declared by the Oil and Gas Development Company Limited (OGDCL).

In a statement to the stock exchange, the company stated that after drilling for 2,600 meters, the discovery was made at the Togh Well-02 in Kohat.

According to the sources, the company would receive 28 barrels of oil and 2.842 mmcfd of gas from well number 2 in Togh Bala, an administrative unit of Kohat district, as part of the hydrocarbon discovery.

With a choke size of 32/64, the well pressure was recorded at 540 pounds per square inch.

Seventy-five percent of the joint venture with Safe Energy Ltd. was owned by OGDCL.

The nation’s foreign exchange reserves will be preserved thanks to the new find, which will also increase OGDCL’s oil and gas reserves.

In November of last year, Pakistan Petroleum Limited (PPL) discovered oil and gas reserves at Shah Bandar Block in the Sujawal region of Sindh.

The company’s announcement to the Pakistan Stock Exchange (PSX) on Monday stated, “We are pleased to disclose that Pakistan Petroleum Limited (PPL) has made a gas and condensate discovery from exploration well Jhim East X-1, in Shah Bandar Block, located in District Sujawal, Sindh Province.”

In order to assess the hydrocarbon potential of the Upper Sand of the Lower Goru Formation, the exploration well Jhim East X-1 was drilled to a depth of 2,545 meters.

“The well produced 236 barrels of condensate per day and 13.69 million standard cubic feet of gas per day at a wellhead flowing pressure (whfp) of 2,668 psig at 32/64″ choke during testing of the Lower Goru Upper Sand,” the announcement continued.

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In interbank trade, the Pakistani rupee beats the US dollar.

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6 days ago

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In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

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Phase II of CPEC: China-Pakistan Partnership Enters a New Era

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6 days ago

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The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

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The inflation rate in Pakistan dropped to its lowest level.

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6 days ago

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On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

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