Saudi Arabia’s energy minister said Saudi Aramco had discovered two new natural gas fields, Awtad and AlDahna, in the country’s eastern region, state news agency SPA reported on Wednesday. Awtad was discovered southwest of the Ghawar field, and gas flowed from one well, Awtad-108001 well at a rate of 10 million standard cubic feet daily, plus 740 barrels of condensate, and another well, Awtad-1
Oil prices rose by more than $2 on Wednesday on signs of tighter supply, a weaker dollar and optimism over a Chinese demand recovery. But the likelihood that Opec+ will leave output unchanged at its upcoming meeting limited the gains. Brent crude futures rose $2.34, or 2.82 per cent to $85.37 per barrel by 1455 GMT. The more active February Brent crude contract rose by 3.04pc to $86.81.
Port Qasim Authority (PQA) Chairman Rear Admiral (retired) Syed Hasan Nasir Shah said on Wednesday the country’s largest industrial zone will soon get back the 1,250-acre piece of land that it allotted to Textile City Ltd in 2006 on a 50-year lease. Speaking at the inauguration of an integrated logistics park set up at Port Qasim by an international firm, Admiral Shah said the PQA has received
Despite a drop in international prices, the government on Wednesday left the prices of major petroleum products – petrol and high speed diesel (HSD) – unchanged for the next fortnight ending Dec 15. In reaching this decision, the government on the other hand, increased petroleum levy on HSD by Rs10 per litre to about Rs22.60 besides increasing the profit margins of oil marketing companies (OMCs
The National Electric Power Regulatory Authority (Nepra) on Wednesday cleared a Rs2.15 per unit cut in monthly fuel cost adjustment (FCA) and Rs7.83 per unit in quarterly tariff adjustment (QTA) for K-Electric consumers. While Nepra would notify next week the adjustment to refund Rs3.59 billion to KE consumers in December bills, it would separately forward its QTA determination to the federal g