KARACHI: Pakistani petroleum exploration and production companies will invest more than $33 million under petroleum concession agreements (PCAs) and exploration licenses (ELs) signed on Wednesday, the Pakistani energy ministry announced.
The PCAs and ELs were signed by Momin Agha, the Petroleum Division secretary, Kashif Ali, director-general of petroleum concessions on behalf of the government, Ahmed Hayat Lak, managing-director and chief executive officer of the Oil & Gas Development Company Limited (OGDCL), Shuaib A. Malik, chairman of the Pakistan Oilfields Limited (POL), Sikandar Ali Memon, chief operating officer of the Pakistan Petroleum Limited (PPL), and Dr. Nadeem Ahmed, head of exploration at United Energy Pakistan (UEP).
The signing ceremony was witnessed by Minister for Power and Petroleum Muhammad Ali, Special Assistant to Prime Minister Dr. Muhammad Jahanzaib Khan and others in Islamabad.
“The minimum investment to be carried out by the Exploration and Production (E&P) companies in these Blocks for prospecting will be over USD33.3 million in three years,” the Pakistani energy ministry said in a statement.
PCAs and ELs have been signed for eight blocks including Kotra East (2867-8), Murradi (2767-7), Sehwan (2667-19) and Zindan-II (3271-9) with Oil & Gas Development Company Limited (OGDCL), Multanai (3168-3) with Pakistan Oilfields Limited (POL), Sawan South (2668-26) with United Energy Pakistan Limited (UEP), Gambat-II (2668-25) with Joint Venture of Pakistan Petroleum Limited (Operator) and OGDCL, and Saruna West (2666-1) with Joint Venture of POL (Operator), PPL and OGDCL.
These companies will make investments to develop production for blocks with discoveries, besides spending a minimum of $30,000 per year on social welfare schemes in each block in their respective areas.
Petroleum Minister Ali said the efforts would bear fruit for the country in the form of additional hydrocarbon reserves during the next few years. He hoped the execution of the ELs and PCAs would not only enhance investment in the petroleum sector, but they would also contribute to bridging the energy demand and supply gap.
The South Asian country is only 16.35 percent self-sufficient in oil production, while it meets the rest of the demand through costly imports.
Pakistani petroleum companies to invest over $33 million in exploration in three years — energy ministry
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Pakistani petroleum companies to invest over $33 million in exploration in three years — energy ministry
- These companies have signed petroleum concession agreements and exploration licenses for eight blocks
- Minister hopes agreements will enhance investment in petroleum sector, bridge energy demand and supply
Pakistan president visits Balochistan, vows to establish state’s writ amid surging attacks
- Separatist militants last week hijacked train in Balochistan, holding hundreds hostage
- President demands modern weapons for law enforcement agencies to strengthen security
ISLAMABAD: Pakistan’s President Asif Ali Zardari visited Balochistan’s Quetta city on Wednesday to review the law and order situation in the province, vowing that the state would establish its writ there despite surging militant attacks in recent days.
Zardari’s visit to Quetta takes place as Pakistan struggles to contain militant attacks in the southwestern province, where separatists last week hijacked a train and held hostage hundreds of passengers. The military launched an operation and, after a day-long standoff, rescued 354 captives and killed 33 insurgents. A final count showed 23 soldiers, three railway employees and five passengers had died in the attack.
Zardari arrived in Quetta on a day-long visit with his son and Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto-Zardari on Wednesday. The two attended a meeting with Balochistan Chief Minister Sarfraz Bugti to review the security situation in the province.
“President Asif Ali Zardari says the terrorist elements will be defeated at all costs and writ of the state will be ensured in Balochistan,” state broadcaster Radio Pakistan said.
The Pakistani president said “terrorists” want to divide the nation, vowing they would never succeed in their ambitions.
“The president said that modern arms would be provided to the Counter-Terrorism Département and other law enforcement institutions to strengthen security efforts,” the state broadcaster reported.
Balochistan is Pakistan’s largest province by land but its most backward by almost all economic and social indicators. For decades it has been plagued by a low-level insurgency by militants fighting for a greater share of the province’s wealth.
Separatist militants, such as the Baloch Liberation Army (BLA) accuse the central government of denying locals a share of Balochistan’s mineral resources. The federal government and the military strongly deny these accusations, and say they have launched several projects in the province to support its development.
Militant violence has persisted in the province after the train hijacking. Three paramilitary soldiers among five people were killed in a suicide attack in Balochistan’s Nushki district on Sunday.
A top parliamentary panel on national security met in Islamabad on Tuesday to discuss surging attacks in Balochistan. The panel stressed the need for a national consensus to counter militancy, calling for a unified political stance to confront the threat with “full force of the state.”
Pakistan football team to travel to Saudi Arabia on Thursday for AFC Asian Cup qualifier camp
- Pakistan will face Syria in AFC Asian Cup qualifier fixture on Mar. 25 in Saudi Arabia's Al-Ahsa
- Green shirts to resume training camp in Saudi Arabia under Head Coach Stephen Constantine
ISLAMABAD: Pakistan's national football team will travel to Saudi Arabia tomorrow, Thursday, where they will resume training for the upcoming AFC Asian Cup qualifier fixture against Syria, the Pakistan Football Federation (PFF) said in a statement.
Pakistan will kick off their AFC Asian Cup 2027 qualification campaign against Syria on Mar. 25 at the Prince Abdullah bin Jalawi Stadium in Al-Ahsa, Saudi Arabia.
The green shirts concluded their training session in the eastern city of Lahore on Wednesday night, the PFF said.
"The team is set to depart for Saudi Arabia tomorrow night, where they will continue their training under the guidance of Head Coach Stephen Constantine," the PFF said.
Earlier this month, Pakistan reappointed Constantine, who previously served as the country's head coach from late 2023 until mid-2024, as head coach for the Syria fixture.
Pakistan's inclusion in the qualifier was made possible after the Fédération Internationale de Football Association (FIFA) lifted its international suspension against the country earlier this month.
FIFA hit Pakistan on Feb. 6 with a third international suspension in less than eight years after the federation rejected its electoral reforms. Following the suspension, the PFF unanimously approved FIFA's proposed constitutional amendments in an extraordinary meeting in Lahore this month.
Pakistan are placed in Group E of the AFC Asian Cup qualifiers alongside Syria, Afghanistan and Myanmar.
PAKISTAN PROBABLES
Goal-Keepers: Yousuf Butt, Saqib Hanif, Abdul Basit and Adam Khan
Defenders: Abdullah Iqbal, Easah Suliman, Haseeb Khan, Junaid Shah, Mamoon Moosa, Mohammad Fazal, Abdul Rehman and Waqar Ihtisam
Midfielders: Alamgir Ghazi, Ali Uzair, Ali Zafar, Muhammad Umar Hayat, Rahis Nabi, Toqeer ul Hassan, Umair Ali and Moin Ahmed
Forwards: Fareedullah, Harun Hamid, Imran Kayani, Mckeal Abdullah, Abdul Samad, Shayak Dost and Muhammad Adeel Younas
Pakistan, Russia conduct joint naval exercise in North Arabian Sea
- Both navies hold ‘Arabian Monsoon-VI’ exercise in Arabian Sea to enhance interoperability
- Russian navy delegates meet Pakistan Navy officials, pay tribute to Pakistan founder Jinnah
KARACHI: Pakistani and Russian navies conducted a bilateral naval exercise named “Arabian Monsoon-VI” in the North Arabian Sea on Wednesday, the Pakistan Navy said in a statement, in their bid to counter maritime security threats and enhance interoperability.
Pakistan and Russia, once Cold War rivals, have strengthened their relations through increased dialogue, trade and cooperation in energy and defense. Regular port visits and joint exercises between the Pakistan Navy and the Russian Navy have deepened bilateral ties, enhanced naval collaboration and fostered mutual trust.
“Various assets of Pakistan Navy, including a Destroyer, an Offshore Patrol Vessel, a Fast Attack Craft (Missile), a Maritime Patrol Aircraft and a UAV, participated in the exercise alongside Russian Federation Navy ships,” the Directorate General Public Relations (DGPR) of the Pakistan Navy said.
Multi-faceted maritime warfare serials and a coordinated patrol featured in the exercise, which also aimed at enhancing the interoperability of both navies, it added.
The exercise also featured participation from the Pakistan Air Force fighter aircraft.
The Russian navy delegates also called on Pakistan Navy officials and paid tribute to the nation’s founder Muhammad Ali Jinnah, laying a floral wreath at his mausoleum.
“Joint maritime exercises with key naval forces underscore Pakistan Navy’s commitment to maintaining maritime security and ensuring a stable maritime order in the region,” the statement added.
On Mar. 13, the Russian navy flotilla arrived in the southern port city of Karachi where cross-ship visits, harbor drills and table-top discussions between the two sides were conducted.
The Pakistan Navy regularly collaborates with allies and friendly nations, conducting joint military exercises to enhance synergy, promote regional peace and stability, deter piracy, drug trafficking and other illicit maritime activities.
Pakistan stocks hit record high on strong buying from local institutions
- The KSE-100 Index hit a record high of 117,974 points, rising by 973 points
- Overall, 543 million shares were traded, with a turnover of Rs 32 billion
ISLAMABAD: Pakistan’s benchmark stock index (PSX) hit an all-time high on Wednesday, nearing the barrier of 118,000 points due to strong buying activity from local institutions, Topline Securities said.
The KSE-100 Index hit a record high of 117,974 points, rising by 973 points (0.83 percent).
“The market continued its upward momentum, fueled by strong buying activity from local institutions, peaking at 118,244 points during the day,” Topline Securities said in its market review.
The rally was primarily driven by Hub Power Company, Mari Energies, Engro Holdings, Systems Limited and Pakistan Petroleum, which together contributed 551 points to the index. On the other hand, Fauji Fertilizer Company, Engro Fertilizer, and Pakistan Oilfields exerted downward pressure, pulling the index down by 54 points.
“Overall, 543 million shares were traded, with a turnover of Rs 32 billion. Pakistan International Bulk Terminal topped the volume chart with 52 million shares traded,” Topline added.
Mohammed Sohail, a chief executive at Topline Securities, attributed the bull run to “expectations that the government will agree with banks to resolve old circular debt issues that will help listed energy companies.”
In Pakistan, “circular debt” refers to a cascading cycle of unpaid liabilities within the energy sector, where power distribution companies (DISCOs) fail to pay the Central Power Purchasing Authority-Guarantee (CPPA-G), which in turn cannot pay power generation companies (GENCOs), and so on.
The government last week announced it had reached an agreement with banks to extend PHL, a state-owned entity, Rs1.25 trillion in financing at a favorable floating interest rate of Kibor minus 0.90pc per annum.
The move was described as part of a broad strategy to eliminate circular debt in the power sector, which has been fueled by unpaid bills, theft, and distribution losses that have continued to accumulate over the past decade. Circular debt is one of the most contentious issues in Pakistan’s negotiations with the International Monetary Fund (IMF) for the first review of its $7 billion bailout program.
Sana Tawfik, head of research at Arif Habib Limited, said the positive momentum in stocks was continuing since last week.
“Secondly, volume levels have improved since Ramazan’s first week — that is, buying activity is visible,” she said. “On the economic front, there has been significant progress made regarding the IMF deal.”
Pakistan announces three-day Eid Al-Fitr holiday from Mar. 31 to Apr. 2
- Ramadan began in Pakistan on Mar. 2, a day after most other Muslims nations
- Eid Al-Fitr festival at the end of Ramadan is expected to fall on Mar. 31 in Pakistan
ISLAMABAD: The Pakistan government has announced a three-day holiday from Mar. 31 to Apr. 2 on account of the Muslim festival of Eid Al-Fitr, the cabinet division said on Wednesday.
Eid Al-Fitr marks the end of the fasting month of Ramadan for Muslims worldwide. Ramadan began in Pakistan on Mar. 2, a day after most other Muslims nations, and the Eid Al-Fitr festival at end of the holy month is expected to fall on Mar. 31.
Pakistan’s central moon sighting committee, the Ruet-e-Hilal Committee, spots the Shawwal moon and declares Eid dates in advance.
“It is notified that the Prime Minister has been pleased to declare public holidays (Monday to Wednesday) on the occasion of Eid-Al-Fitr,” the notification from the cabinet division said.
Eid Al-Fitr is one of two major Muslim festivals, the other being Eid Al-Adha, which is marked by the slaughtering of animals such as sheep and goats whose meat is shared among family and friends and donated to the poor. This year, Eid Al-Adha is expected to fall on June 6 or 7, marking the culmination of the Hajj pilgrimage.
