OGDCL making great strides in exploring oil, gas reserves

  

ISLAMABAD (APP): The public sector entity-Oil and Gas Development Company Limited (OGDCL) is making great strides in tapping indigenous hydrocarbon resources, spudding 118 wells during the last five years. According to official sources, the company added 222 million barrel crude oil through 16 discoveries and 45 out of them are exploratory wells. Similarly the company spudded 667 wells during the last 50 years, however, it succeeded to develop 97 wells, finding oil and gas reserves and the success comes to average rate of 1:2.8 which is higher than the world’s average exploration success.  

The source added, 41 wells have been spudded during the last two financial years with having 13 out of them as exploratory wells, while six out of them were successful in the production of oil and gas.

The source said for fiscal year 2013-14, drilling of 59 exploration wells and 51 development wells have been planned for enhancement of oil and gas production in the country. Cost depends upon the area of operations, depth of the well, formation evaluation and testing programme, while well cost in southern and central parts were less than the Northern areas of the country, the source added.

The source added government was making all-out efforts to mitigate the shortage of gas which increase the indigenous production of gas through enhance exploration activities and providing incentives to the investors under Petroleum Policy.

Recently, the OGDCL succeeded to acquire licenses for 29 blocks,  which would help augment oil and gas supply in the country. Besides efforts also being made to import gas under transnational pipeline and LNG projects, official said.

“Natural Gas Allocation and management Policy 2005 was introduced to promote efficacious utilization of natural gas.”  Keeping in view the energy crisis in the country, the sectoral priority order for supply of gas was revised in January 2013 by the Economic Coordination Committee of the Cabinet, thus moving power sector at second number.

“Exploration activities are already taking place in the offshore area of the country and three oil and gas reservoirs have been discovered at Sibi and Dera Bugti Districts of Balochistan during last five years”.

The company’s net sales increases to Rs 62.416 bln in first quarter FY14 compared with Rs 53.795 billion in the corresponding quarter of last year.

Net profit before taxation increased to Rs 46.052 billion compared with Rs 36.414 billion in the corresponding period last year, says a source.

Similarly the net profit after taxation increased to Rs 33.588 billion as against Rs 25.656 billion in the corresponding period of preceding year translating into Earnings per Share of Rs 7.81

The source added two new wells including one (1) exploratory well namely Jakhro West-1 and one (1) development well namely Qadirpur-50 were spud during the period under review.

Railways earned more than

Rs 3 billion profit in 2013

  

RAWALPINDI (APP): Divisional Superintendent Railway Syed Munawar Shah said that Railways earned handsome profit Rs 3 billion from July to December 31 last year.  He said that with improving and better management the organizations revenue has shown considerable growth. Talking to media, Munawar Shah gave credit to the Prime Minister and Railway Minister Khawaja Saad Rafique who is keen to provide better traveling facilities to the general public at reasonable rates. He said the employees are its asset and are playing their role for its uplift and improving the standard. He said now, trains are reaching their destinations on time and the Railway is providing maximum facilities to the passengers.

Further efforts are being made to improve the standard and to attract passengers by giving them concession and other facilities, he added.

All services of E&T dept to be computerised

  

LAHORE (APP): All services related to Excise & Taxation Department in the province including property tax, token tax and other taxes is being computerized. The computerization is part of government efforts for capacity building, improving efficiency and service delivery system of various government departments through promotion of information technology, a senior official of Excise &Taxation department told APP here on Sunday. He said that computerization of services of Excise & Taxation Department will help in dealing with all issues in a transparent manner, increasing recovery of the taxes and achieving tax collection targets.

Gem exhibition concludes

on high note

  

ISLAMABAD (APP): A three-day gem and jewellery exhibition organized by PGJDC concluded on a high note here on Sunday. Shafqat Naghmi, Federal Secretary of Ministry of Industries and Production graced the event with his presence here at a hotel. He greeted all the exhibitors and also distributed the participation certificates amongst the exhibitors. Ms Seemen Siddiqui, chairperson PGJDC and Bakhtiar Khan, CEO PGJDC were also present on the occasion. The three-day event showcased the best of Pakistani gemstones and mineral specimens displayed by exhibitors from across the country including Islamabad, Rawalpindi, Karachi, Lahore, Quetta, Chaghi, Gilgit-Baltistan, Hunza, Chitral and Peshawar. 

   He appreciated the efforts of the company and acknowledged that such exhibition will go a long way in developing the gemstone sector of Pakistan. The event witnessed a great response from the visitors and was visited by an estimated 40,000 people.

   Later, talking to APP, Chief Executive PGJDC Bakhtiar Khan expressed confidence that with the support of the government, the sector of gems and jewelery could develop leaps and bounds. “We are very optimistic that the there is a lot of room for the flourishment of this sector and government could earn upto 2 billion  dollars annually with the export of gems to other countries”, he maintained.

   To a question about the target countries of PGJDC, Khan said that currently Middle East and European countries, and America were the biggest importers of gems from Pakistan. He opined that with the value addition of gems and jewellery the gems of Pakistan could make good space in all the international markets.

PIA launches Lahore-Quetta-

Mashhad flight from tomorrow

  

ISLAMABAD (APP): PIA is all set to lunch Lahore-Quetta-Mashhad (Iran) flight twice a week from Tuesday. The decision to operate flights to Mashhad was taken as per advice of PM to facilitate ‘zaireen’ of Iran. The PIA would acquire revalidation of EASA certification by end March 2014 before the new aircraft on dry lease are inducted in PIA fleet. This is an essential requirement for the airline to keep its operation in the western world but also is imperative to obtain EASA-145 otherwise the new aircrafts will have to be sent abroad for inspection and maintenance checks which certainly become very expensive and financially unviable. However, CAA wiould conduct its inspections prior to that.

   The Board approved acquisition of Simulator for the ATR aircraft which not only would save huge expenses being incurred on its pilots while getting training from abroad but also will pave way for generation of revenues by training other airlines both foreign as well as local.

   For having more transparency in its sales business it has been decided that in future the award of GSAs will be approved through BOD approval.