The Oil and Gas Development Company Limited (OGDCL) on Thursday announced a significant gas discovery at its Sahito-1 exploratory well in the Khewari Exploration Licence, located in the Khairpur district of Sindh. Based on wireline logs interpretation results, the sands of Lower Goru Formation (Massive Sand) were tested using Drill Stem Testing (DST) and yielded a promising flow of 17.2 million
The Cabinet Committee on State-Owned Enterprises (CCoSOEs) approved the winding up of Sarmaya-e-Pakistan Limited (SPL) in view of its redundancy following recent changes in the governance framework for state-owned enterprises. The committee met on Thursday with Federal Minister for Finance and Revenue, Muhammad Aurangzeb, in the chair. The Cabinet body considered and approved a summary submi
Pakistan State Oil (PSO) and Oman Trading International are engaged in constructive discussions to explore the possibility of providing additional oil cargoes to help Pakistan meet energy demand. In March, three cargoes of petrol and one cargo of diesel were imported from the ports of Oman. Two more cargoes of petrol will be imported this month from Oman ports. In this respect, Federal Minis
US President Donald Trump said on Thursday that Iran was letting 10 oil tankers transit the Strait of Hormuz as an apparent goodwill gesture in negotiations. Trump made the comments at a Cabinet meeting in the White House, elaborating on what he had previously described as a “present” from Iran. “They said, to show you the fact that we’re real and solid and we’re there, we’re going to
Gold rose over 1% on Friday, buoyed by a weaker dollar and bargain hunting, but was on track for a fourth straight weekly decline as surging energy prices fuelled inflation concerns and raised expectations of higher global interest rates. Spot gold rose 1.1% to $4,428.30 per ounce as of 0228 GMT, but bullion has fallen about 1.3% so far this week. US gold futures for April delivery gaine