14TH INTERNATIONAL EXHIBITION FOR THE ENERGY INDUSTRY

Subscribe to POGEE Monthly Energy Newsletter...
ITS FREE!
[ Subscribe Now ]
 

News Headlines for the month of
OCTOBER 2017

PSO’s 41st AGM reflects on key business achievements, future challenges

OCT 21ST, 2017 KARACHI: The Pakistan State Oil (PSO), the leading oil marketing company of the country, held its 41st Annual General Meeting (AGM) here on Friday. The Managing Director and CEO, Sheikh Imranul Haque, chaired the meeting with senior officials from the company. It was pointed out that PSO has sold 2.7 Million MTs of MOGAS and 3.8 Million MTs in High Speed Diesel during the fiscal year 2017 (FY2017). The company hence achieved a market share of 54.8pc in FY2017. Similarly, in White Oil (MOGAS, HSD, SKO and Jet Fuel) the company achieved a market share of 43.9pc. The company also increased its sales volume in MOGAS by 9.4pc in FY2017 over SPLY and achieved a market share of 39.6% in FY2017. Likewise, the HSD sales witnessed an increase of 0.9pc over SPLY and PSO maintained its market leadership with a market share of 44.4pc in FY2017. PSO significantly improved its sale volume to 35.4KMTs in the highly competitive lubricants segment by achieving an approximate growth of 27.9pc. 2017 also remained very promising for PSO in LPG business with volumetric market growth of 105.9pc. Speaking at the AGM, PSO’s Managing Director and CEO, said: `It is our resounding customer centric business approach that has continued to make PSO the primary choice of customers for their fuel and non-fuel requirements. Despite many challenges that the business continues to deal with, Pakistan State Oil reported 76.7pc more profit-after-tax of Rs 18.2 billion in FY2017 as compared to Rs 10.3 billion last year, and has shown a remarkable growth of 163.8% over the last two years when it earned Rs 6.9 billion profit-after-tax in FY2015′. During the course of the AGM, Sheikh Imranul Haque highlighted the phenomenal strides the company has taken in accordance with its vision to become a beacon for both fueling and non-fueling retail services. Highlighting that Haque added: `The company recently expanded its non-fuel business initiatives by launching revamped retail `Shop Stop’ stores as well as branchless banking services have also been made accessible at PSO retail outlets to enable customers to perform basic financial transactions in a safe and secure environment. Together, these facilities bring added convenience and enablement to the customers’. While highlighting health, safety and environment initiatives as one of PSO’ top priorities, he also said: `PSO places the highest value on health and safety of all its customers and staff. It has a comprehensive and well-honed safety system in place to ensure workplace and fuel transportation safety, and emergency preparedness. These initiatives have been further strengthened by joining hands with notable institutions such as the National Highways & Motorway Police (NH&MP) and the National Logistics Cell (NLC) which will provide training to PSO employees and tank lorry drivers, vehicle safety checks, and emergency response procedures’. `Furthermore, PSO has taken initiatives to improve its safety system by entering into a contract with Pakistan Railways to increase fuel shipments by using the railways infrastructure’. While appreciating the efforts of the PSO management, shareholders expressed concerns over the rising circular debt of the company due to outstanding receivables mainly from the power sector and PIA. Shareholders also appreciated the best performance of PSO management over the last two years. They complimented outstanding results that have led to an unprecedented highest EBITDA since 2014.

Copyright APP (Associated Press of Pakistan), 2017

Top

PPL signs Gas Sales Agreement for Kandhkot

OCT 25TH, 2017 KARACHI: Pakistan Petroleum Limited (PPL) executed a Gas Sales Agreement with Central Power Generation Company Limited (CPGCL) also known as GENCO II for sale of up to 200 MMscfd gas with 72.5 percent ‘Take or Pay’ commitment, from its solely-owned and operated Kandhkot Gas Field (KGF) to GENCO II’s Guddu Thermal Power Station (GTPS), District Kashmore, Sindh. A statement on Tuesday said that Managing Director and CEO, PPL Syed Wamiq Bokhari and CEO, CPGCL Muhammad Ayub Ansari signed the agreement. It said that this agreement formalizes the increased gas supply from KGF which PPL committed to the Government of Pakistan (GoP) in September 2016. In addition to gas sales to GENCO II, PPL is also selling up to 50 MMscfd gas to Sui Northern Gas Pipelines Limited which is also supplied to GTPS. To fulfil its commitment to GoP, PPL embarked on an aggressive drilling and development programme to achieve the extraordinary feat of delivering the near-impossible target of scaling up gas sales from around 140 MMscfd in financial year 2015-16 to 230 MMscfd by May 2017. To this end, six development wells were drilled in record 9 months with multi-rig operation, successfully finding sweet spots in a mature field and enhancing field capacity by 90 MMscfd gas which is being delivered to GTPS. Besides, two compressor units were added and production facilities were debottlenecked. Looking ahead, three development wells are planned to be drilled this year to maintain the production plateau.

Copyright APP (Associated Press of Pakistan), 2017

Top

OGDCL earns Rs17bn profit in 1st quarter

OCT 26TH, 2017 ISLAMABAD: Oil and Gas Development Company Limited (OGDCL) has earned Rs 17.009 billion profit during first quarter of the current fiscal year as compared to Rs 14.631 billion in the same period. According to financial results announced by the OGDCL Board of Directors , the company’s net sales revenue increased to Rs 43.962 billion compared to Rs 39.565 billion in the corresponding period of last year. “While, OGDCL’s profit after tax stood at Rs 17.009 billion compared to Rs 14.631 billion in the same quarter ,” said a press release issued here on Thursday. The BoD also announced first interim cash dividend of Rs 1.75 per share (17.5%), which would be payable to the shareholders whose names will appear in the Register of Members on Tuesday, December 12, 2017. During the period under review, the company paid Rs 7.379 billion on the account of taxes. Whereas, on the exploration and development side, the company made significant progress in Seismic and Drilling activities.

Copyright APP (Associated Press of Pakistan), 2017

Top

Pakistan seeks four LNG cargoes for February delivery

OCT 30TH, 2017 LONDON: Pakistan LNG Ltd has launched a tender seeking four liquefied natural gas shipments for delivery in February, according to the tender document. The tender was issued on Sunday seeking a delivery on Feb. 6-7, 16-17, 21-22 and 26-27, respectively. Bids must be submitted on or before Nov. 29, the document said.

Copyright APP (Associated Press of Pakistan), 2017

Top

LNG’s import helps to overcome energy shortage

OCT 28TH, 2017 ISLAMABAD: Chairman of National Assembly Standing Committee on Finance and Revenue, Qaiser Ahmed Sheikh on Friday said the import of Liquefied Natural Gas (LNG) from Qatar would help to completely overcome power load shedding from the country. Energy shortage was diminished to a great extent due to import of LNG, he said talking to PTV. He said the present government had evolved a consensus on import of LNG, terming it a right decision. Qaiser Ahmed Sheikh categorically denied any irregularities in import of LNG from Qatar. “We were supplying uninterrupted LNG to industrial sector to generate more products,” he added. He said the national economy was further improving as Grass Domestic Product (GDP) had also enhanced due to concrete measures taken by Pakistan Muslim League-Nawaz (PML-N) government.

Copyright APP (Associated Press of Pakistan), 2017

Top

Byco imports 5mn tons of crude oil since its inception

OCT 18TH, 2017 KARACHI: Byco Petroleum’s Single Point Mooring has imported five million tons of crude oil since its inception. A statement here on Tuesday said that it has been in continuous operation since 2012 including the severe monsoon season from June through September, which was previously considered impossible for the area. Byco’s SPM is Pakistan’s only floating terminal and revolutionizes the handling crude oil and refined petroleum products in the country, the statement said. The SPM has been set up in the deep sea and is connected to a storage tank via 15 km of both on-shore and sub-sea pipelines. Byco has a storage capacity of 140,000 metric tons. Amir Abbassciy, CEO, BPPL, remarked on the achievement: `Byco?s SPM is a national asset for Pakistan. Its continuous safe operations is a testament to our promise of keeping safety our top priority. I want to congratulate the entire Byco team on this singular achievement and on having imported 5 million tons of crude oil since inception’. The SPM allows Byco to import and export crude oil and refined petroleum products directly, significantly reducing traffic at Pakistan’s ports situated in Karachi and Port Qasim. It enables Byco to be the only vertically integrated petroleum firm in the nation. Byco expects to import 4.5 million tons of crude oil through the SPM in the current fiscal year ending 30 June 2018.

Copyright APP (Associated Press of Pakistan), 2017

Top

E&P made eight oil, gas discoveries in nine months

OCT 3RD, 2017 18:22 ISLAMABAD: Oil and gas exploration and production (E&P) companies operating in different potential areas of the country made eight discoveries during the last nine months. "The finds, made in Matiari, Ghotki, Hyderabad, Sanghar, Sujawal, Khairpur, Matiari and Sukkur districts, have the initial flow of 90.394 million cubic feet gas per day and 630 barrels oil per day," official sources told APP. Answering a question, they informed that during last four years, the companies made 101 discoveries, out of which 87 finds were made in Sindh, seven each in Punjab and Khyer Pakhtunkhwa. "We have consumed 5.2 trillion cubic feet (TCF) gas and added 5.4 tcf reserves in four year. In this way we have replaced 100 percent gas reserves consumed," they said. The reserves associated with new discoveries were based on 68 discoveries, while potential of remaining 33 finds were under evaluation, the sources added. Since the Pakistan Muslim League-Nawaz (PML-N) government came into power in 2013, they said over $10 billion foreign investment had poured in the country's petroleum sector, despite low oil price scenario in international market.

Copyright APP (Associated Press of Pakistan), 2017

Top

EVENT PARTNER
CONFERENCE SPONSOR