PPL commissions well in record time of eight weeks

 KARACHI (PR): Pakistan Petroleum Limited (PPL), operator of Adhi Field, together with its joint venture partners Oil and Gas Development Company Limited and Pakistan Oilfields Limited, commenced first oil production from well Adhi South X-1, a recent oil and gas discovery located in Rawalpindi district, Punjab. Adhi South X-1 was drilled to target depth of 3395 metres, resulting in discovery of oil from Khewra and condensate from Tobra sandstone reservoirs. After discovery and subsequent rig release on February 20, 2018, construction work was carried out to tie in the well to Adhi LPG/NGL Plant-III, following which it was commissioned on April 24, 2018within 8 weeks of discovery, setting a record in well commissioning time for PPL. Adhi South X-1 well is currently flowing from Khewra formation only at choke size 48/64” and well-head flowing pressure of 1100 psig. Currently, well production rates are around 1300 BOPD oil and 2 MMscfdgas, which is expected to gradually scale up to 1800 BOPD and6MMscfd, respectively.

This discovery will lead to the appraisal and development of Adhi South Field.

Textile exports reach $9.9b in 9MFY18

LAHORE (Staff Reporter): Pakistan’s textile exports increased in March 2018 by 13 percent YoY to $1.2 billion primarily led by an increase in value-added exports which posted an increase of 13 percent/11.7 percent YoY/MoM to $866m in the backdrop of improving demand dynamics and export competitiveness. Cumulatively, nine months (9MFY18) exports clocked in at $9.9b as against $9.2b in the corresponding period last year. As per the latest data released by Pakistan Bureau of Statistics (PBS), cotton yarn exports witnessed a sequential increase of 31.2 percent/6.2 percent YoY/MoM in Mar’18 which experts believe is due to aggressive buying by Bangladeshi and Chinese textile mills. Local cotton prices strengthened at Rs7500/maund in Mar’18 vs Rs6,900/maund last month on the back of panic buying amid fears of reduced crop in the next season. The Prime Minister’s export package has reached close to expiry (Jun’18), hence it is expected that the growth in textile exports will increase sharply as exporters try to achieve the 5 percent reserved quota set in the package.

Budget to help boost GDP growth rate

ISLAMABAD/MULTAN (Agencies): Minister for Interior and Planning, Development and Reforms, Ahsan Iqbal has said that the federal budget 2018-19 presented by Minister for Finance Miftah Ismail was a balanced one and it would help boosting the country’s economic growth rate. In a statement, the minister said the government had managed to achieve the all time high growth rate of 5.8 percent in 13 years. He said the government had no choice to present a budget of four months as by doing so the country’s economy would have been in the doldrums. The minister said the government had left a space of Rs 100 billion in the Public Sector Development Programme for the next government which would implement projects of its own choice. He expressed his confidence that the Pakistan Muslim League-N would again win next general elections and would follow its economic policies in its next five years term. Meanwhile, Federal Minister for National Food Security and Research Sikandar Hayat Bosan on Saturday said the incumbent government had presented a people-friendly budget.

The budget would provide maximum relief to masses and it had special allocations for promotion of the agriculture sector, he added. Talking to workers of the PML-N, Bosan said farmers were with the PML-N and they would support the party in the next general elections.

Pak HC to UK visits Greater Birmingham Chambers of Commerce

LONDON (APP): Pakistan High Commissioner to UK, Syed Ibne Abbas on Saturday visited Greater Birmingham Chambers of Commerce (GBCC) and discussed ways and means for the promotion of trade and investment between Pakistan and the UK. Syed Ibne Abbas was greeted by Paul Faulkner, CEO GBCC, Steve Brittan, former president GBCC, Nasir Awan, director GBCC & former president Asian Business Chambers of Commerce (ABCC), Qasim Majeed, newly elected president of ABCC, Russel Jeans, COO GBCC, Mark Sankey, head of Department for International Trade (DIT) team & Sunny Arif Committee member of ABCC. During the meeting, Paul Faulkner briefed the High Commission on the role of GBCC and the opportunities available for promotion of trade and investment especially in post Brexit scenario. He further added that GBCC has a huge following among the business community and the available opportunities in Pakistan can be disseminated among them through their web/social media channels.

Nasir Awan, president ABCC, said ABCC was already working to promote the institutional linkages between district Chambers of Commerce in Pakistan and the GBCC.

He recalled the recently held Pak-UK Investment Conference in December 2017 which was a great success in bringing the business community from both the countries together and to encourage forging and improving trade ties. He underlined the fact that the true word about the potential of Pakistani businesses and the improved security situation was not getting out which was not encouraging the local businesses to go to Pakistan.

The high commissioner thanked the GBCC for hosting the reception. He endorsed the view of Nasir Awan and Steve Brittan, who had been doing business in Pakistan for the last many years that the improved investment and trade opportunities were not getting out to the local businesses in the UK commensurate with the true potential in Pakistan.

He highlighted the potential of China Pakistan Economic Corridor (CPEC) and Pakistan’s economy which was registering a growth rate 5.5%.

He said in the context of 2022 Commonwealth games and the projects like High Speed 2 (HS2), Birmingham would become a very attractive hub for promoting businesses and attracting trade opportunities. During the meeting, it was agreed that the GBCC would host a “Pakistan Day ceremony" in the Chamber building within next 3 months to appraise the business community about trade & investment opportunities in Pakistan. The consulate will share data with the GBCC on monthly basis to be disseminated to GBCC digital e-mail database of over 16000 business enteritis; and in the prelude to the Commonwealth games 2022, the Consulate together with the GBCC will organize events involving Sialkot and other Pakistan Chambers.