The remaining tenders were cancelled, with no further announcement on the future procurement plan. Speaking at the PTI's 23rd foundation day ceremony, the prime minister talked about the alleged corruption of the PPP and PML-N which he said has brought the country's economy to its current state. Access latest agriculture news and analysis, conferences and events. A sharp squeeze in domestic gas availability and the surge in LNG prices that has pushed up the cost of gas-based power generation have prompted Pakistan to turn to oil for power, a trend that could result in robust fuel oil consumption in coming months, analysts told S&P Global Platts. [Yes] I would like to receive S&P Global Platts promotional emails. Latest world news from the energy sector. Access latest coal news and analysis, conferences and events. The results of this exploration encouraged the company to move ahead in the same area for more reserves and a specific area has been pointed out for drilling. Media reports said it might take a few days to fix the technical fault. The country's struggle to source spot LNG cargoes from overseas at a time when global LNG prices have surged many-fold on the back of cold weather, as well as the inability to supply gas from domestic sources, have left the country with little option other than turning to oil. Pakistan's hope of finding massive oil and gas reserves dashed as exploration mission off the coast of Karachi was abandoned after the drill hit the dry 'wells'. Your right to know But prices have come off sharply since then, and on Jan. 19 stood at $8.666/MMBtu. Access latest power news and analysis, conferences and events. Investor Information Please contact the Client Services team. Karachi — Pakistan's oil consumption declined by as much as 11% in the fiscal year 2019-20 (July-June) as COVID-19 kept people indoors while industrial activity slowed to a trickle for a substantial part of the year, but analysts are hopeful that demand will bounce back in fiscal 2020-21. The process spudded the Kekra-1 well to the depth of 5,470 m at a cost of Rs14 billion. New and Discontinued Price Symbol Alerts are issued when we launch new assessments and announce discontinued assessments. Covering the latest oil and gas news including shale, lng, drilling, exploration and production. “A swing in sentiment back to US stimulus and the global recovery, continued cold weather in the US and Northern Asia, plus a massive fall in US API Crude Inventories … saw oil prices explode higher,” Jeffrey Halley, senior market analyst at OANDA wrote in a note. Hit by a severe economic crisis, Pakistan had borrowed a $6.2 billion loan from Saudi Arabia in 2018. Pakistan found signs of success in the ongoing oil and gas drilling in the deep sea. It added that if oil prices drop to $20 per barrel, Pakistan’s oil import bill would decrease by $ 38-4.2 billion. Fuel oil sales in Pakistan surged 38% year on year to 1.62 million mt in the second half of 2020, Oil Companies Advisory Council data showed. Currently, ExxonMobil, ENI, Oil and Gas Development Company, and Pakistan Petroleum Limited are conducting the drill stem test (DST) to determine the real size of the oil and gas reserves in the Kekra-1 well, located around 280 km away from Karachi. The Petroleum Division has granted Kirthar Pakistan BV — a subsidiary of Kuwait Foreign Petroleum Exploration Company (Kufpec) — the license for exploration of oil … Stay up to date with the best and authentic source of News online. Brent crude futures rose 47 cents, or 0.82%, to $57.93 a barrel, for a fourth day of gains after hitting $58.05 on Tuesday, the highest since January last year. Meanwhile, the new price of kerosene oil is Rs 73.65 per litre and light diesel oil will be available for Rs 71.81, Geo News reported In a delivery period spanning end-October to end-January, state-owned Pakistan State Oil issued nine separate buy tenders seeking a maximum of 15 high sulfur fuel oil cargoes and eight cargoes of 0.5% fuel oil, ultimately purchasing two 50,000 mt cargoes of 0.5% fuel oil, one for delivery at Port Qasim over Nov. 23-Dec. 3 supplied by Trafigura, and the second delivered over Dec. 15-31 by Vitol. The drilling work will be resumed after the fault is removed. Petrol will now be available for Rs 106 per litre while diesel will be sold for Rs 110.24 per litre. If you have any questions or concerns please contact support@platts.com or click here, Please Note: Platts Market Center subscribers can only reset passwords via the Platts Market Center. Pakistan has had great success in exploring for oil and gas KARACHI: Oil and Gas Development Company (OGDCL) has discovered new oil and gas reserves in Hyderabad district of Sindh, which will yield 1.14 MMCFD gas per day. Monday, February 1, 2021. An agreement between Pakistan and Saudi Arabia for provision of $3.2 billion worth of oil on deferred payments per annum has expired two months ago and decision about its renewal remains pending with Riyadh, according to leading Pak daily The Express Tribune. Fuel oil sales in Pakistan have already hit a three-year high of 240,000 mt in December 2020 on growing demand from the power sector, said Shahrukh Saleem, investment analyst at AKD Securities, adding that furnace oil sales in the current financial year are expected to post an increase after three consecutive years of declines on the back of a gas supply crisis and high LNG prices. Please use the button below and we will bring you back here when complete. Thursday, February 04, 2021. The Oil and Gas Regulatory Authority (Ogra) has allowed a … You can find all important news stories, headlines, news photos and videos about Oil. Shankar Talreja, deputy head of research at Karachi-based brokerage house Topline Securities, said the cost of power generation based on fuel oil was currently around Pakistan Rupees 12-13/kWh, while the cost per kwh of power based on RLNG has surpassed Rupees 15/kWh, making it unviable for the government to stick to power generation based solely on gas. Oil prices rose on Wednesday after hitting their highest in about a year in the previous session, boosted by an unexpected draw in US crude and gasoline stocks, fuelling demand recovery hopes as OPEC+ forecasts the market will be in deficit in 2021. Islamabad: Pakistan has discovered new deposits of oil and gas in the Kohat district of Khyber-Pakhtunkhwa province. He said the volatile global oil prices and depreciating domestic currency impacted functioning of the oil marketing companies. KARACHI (Dunya News) – Offshore drilling, through a joint venture of four oil giants, near Karachi coast on Indus G-Block (Kekra-1) has been completed after four months of hard work. Subscriber Notes inform you of upcoming changes related to the markets that we report on, as well as requests for comment on new assessments, and announcements that assessments will be discontinued. Oil prices rose on Wednesday after hitting their highest in about a year in the previous session, boosted by an unexpected draw in US crude and … Contact Us Skip to content. 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The benchmark hit a one-year high of $55.26 on Tuesday. To continue reading you must login or register with us. "While we do not believe Pakistan will fully utilize the existing oil capacity, we assume some switching will take place over the next couple of months. An email confirming your password has been sent. The OGDC […] The Holiday Schedule Alert is sent on Friday and provides information on the world's regional and national holidays impacting the publishing of our assessments, market reports and news wires over the week ahead. Pakistan State Oil and Power China International Group will install a crude pipeline of 250,000 to 300,000 BPD. ISLAMABAD: Prime Minister Imran Khan has once again raised hopes that Pakistan can hit major oil and gas reserves in offshore drilling. Analysts said the country's fuel oil consumption could rise by as much as 20% by the end of the current 2020-21 fiscal year to June 30 as the gas supply situation was expected to tighter further, while the industrial sector's demand for power is rising amid a rush to meet international orders. By submitting this form you acknowledge that you have read and you agree to our, You must select at least one interest to continue, You are a premium subscriber, we are unable to send you a link to reset password for security reasons., Commodity Prices and Essential Market Data. Market sentiment was also bolstered by news that Democrats in the US Congress took the first steps toward advancing President Joe Biden’s proposed $1.9 trillion coronavirus aid plan without Republican support. Receive daily email alerts, subscriber notes & personalize your experience. Crude Oil Production in Pakistan averaged 69.08 BBL/D/1K from 1994 until 2020, reaching an all time high of 97 BBL/D/1K in December of 2016 and a record low of 50 BBL/D/1K in April of 1999. Access latest gas news and analysis, conferences and events. Platts Commodities Bulletin is a daily regional round-up of the top, most recent news, in-depth features, information on our events, and a summary of what's new on platts.com. It’s free and easy to do. Pakistan finds answer in oil as gas shortage hits power sector, Cold spell drives oil resurgence in Asia's power sector, CHINA DATA: Independent refineries' Jan crude imports jump 35% from Dec to 18.16 mil mt, Commodity Tracker: 5 charts to watch this week, Fuel oil demand could rise by up to 20% in year ending June 2021, Markets keeping close eye on fuel oil procurement from February, Government assures uninterrupted supply despite shortages. Latest News Most Read Most Shared Most Commented. Pakistan has not received any oil from the Arab nation since May as the $3.2-billion deal for fuel on deferred payments expired two months ago. Your registration is complete and your account is active. Latest Oil News, Read 2021 Breaking news updates about Oil. Imran Khan hopeful of huge oil, gas reserve in Pakistan waters. The leading global oil, gas and energy news resource. Access latest petrochemicals news and analysis, conferences and events. Pakistan’s new pipeline with Russia to increase LNG import capacity World Oil 12:07 4-Jan-21 Pakistan's 1,100-km gas pipeline to start construction Gulf News 04:43 4-Jan-21 Ali J Hamdani appointed as SNGPL MD The Nation 02:12 2-Jan-21 This page provides - Pakistan Crude Oil Production - actual values, historical data, forecast, chart, statistics, economic calendar and news. G News Network keeps you updated round the clock, 24 hours of the day with breaking news from Pakistan and around the world. He added that Pakistan has unused oil-fired power plant capacity, especially now during winter, when power demand is lower than in summer. If you are a Platts Market Center subscriber, to reset your password go to the Platts Market Center to reset your password. Home Subscriber Notes can be received by Commodity Region, and Note Type. Pakistani Prime Minister Imran Khan was quoted by local media outlet Dawn as saying that "there's a strong possibility that we may discover a very big (oil) reserve in our waters". Access latest oil news and analysis, conferences and events. The default underscores the LNG cargo shortages that have pressured Asian LNG markets in recent weeks and contributed to the S&P Global Platts JKM, the benchmark for North Asian spot LNG cargoes, hitting an all-time high of $32.50/MMBtu on Jan. 13. if the 5th attempt fails, the account will be locked for 30 minutes, Please use only English characters (A-Z, a-z), You already have an account, Please log in or reset password. US West Texas Intermediate (WTI) crude futures climbed 39 cents, or 0.71%, to $55.15 a barrel at 0744 GMT, for a third straight day of gains. Our news analysis covers Fossil fuels, alternative energy and environmental developments. Grid-connected oil-fired power plant capacity in Pakistan is about 8 GW. UP offeres the best coverage on Oil and other important topics. The discovery was reported by state-owned firm, Pakistan … Editor’s Picks, Contact ISLAMABAD, Pakistan — The authorities are trying to determine the cause of 14 deaths in the southern port city of Karachi, with officials giving conflicting explanations.. Access latest shipping news and analysis, conferences and events. PSO, which procures both high sulfur and low sulfur fuel oil for domestic utility companies, has not yet decided on the procurement of additional cargoes ahead of the start of the summer season. Oil and Gas Development Company Limited (OGDCL) has reported gas and condensate discovery from its exploratory well Sial-1, which is located in Hyderabad district, Sindh. "We have received directives from the ministry and we are liaising with our customers on their procurement needs, but as yet, there's nothing we can comment on regarding February procurement and beyond," a company source said. Pakistan may soon hit the oil jackpot, and that will be good news for not only the country itself but all of South Asia as well as China and the Gulf nations. Enter your Email ID below and we will send you a link to reset your password. Latest News Headlines All Topics Videos Podcasts Special Reports Insight Magazine Insight Blog Top 250 Rankings Latest in Market Insights Oil LNG Natural Gas Electric Power Coal NGL & Petrochemicals Metals Agriculture Energy Transition Fuel oil sales in Pakistan have already hit a three-year high of 240,000 mt in December 2020 on growing demand from the power sector, said Shahrukh Saleem, investment analyst at AKD Securities, adding that furnace oil sales in the current financial year are expected to post an increase after three consecutive years of declines on the back of a gas supply crisis and high LNG prices. 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