KSE-100 stage sharp recovery amid buying spell by Mutual Funds; index up 976 points
Stocks stage sharp recovery at Pakistan Stock Exchange (PSX), amid heavy buying spree by Mutual Funds.
On Monday , the benchmark KSE-100 opened on a positive note and touched intra-day high at 45,952.45 level after gaining 1,245.69 points. However, paring some early gains the index clocked at 45,682.77 index level by the closing bell after posting a 976.01 points gain.
During the session the strong earnings announcements propelled bullish sentiments as many scrips became active namely in the Banking, Oil, Fertilizer and Cement sector.
The government’s allocation of six exploration blocks to Oil & Gas exploration companies also resulted in strong investment inflows towards the sectors, specifically Oil & Gas Development Company Limited and Pakistan Petroleum Limited
Pakistan grants exploration licences of six oil, gas blocks
Business
April 24, 2021
ISLAMABAD: Pakistan on Friday granted petroleum concessions and exploration licences of six oil and gas blocks across the country to local companies as the government is struggling to reduce gap in energy demand and supply.
Director General Petroleum Concession of petroleum division granted petroleum concession agreements and exploration licences over Block No. 3068-6 (Killa Saifullah) and Block No. 3067-7 (Sharan) to Oil and Gas Development Company Limited (OGDCL) and Mari Petroleum Company Limited (MPCL), Block No. 3069-9 (Suleiman) to OGDCL and Pakistan Petroleum Limited (PPL) and Block No. 2467-17 (Sujawal South), Block No.3273-5 (Jhelum) and Block No.3272-16 (Lilla) to OGDCL.
Govt awards six exploration blocks
The move will attract minimum $24.68m of firm work commitment
Earlier, a 40% premium was offered on respective zonal prices in the 2009 petroleum policy, but with announcement of the 2012 policy, the price incentive for tight gas exploration was withdrawn. PHOTO: FILE
ISLAMABAD:
The government on Friday awarded six exploration blocks to oil and gas exploration and production companies to attract a minimum $24.68 million in firm work commitment.
The ceremony for the signing of petroleum concession/ exploration licence agreements for the six oil and gas blocks was attended by Federal Minister for Energy Hammad Azhar.
Petroleum Concession Director General Abdul Jabbar Memon granted petroleum concession and exploration licences for Block No 3068-6 (Killa Saifullah) and Block No 3067-7 (Sharan) to Oil and Gas Development Company Limited (OGDCL) and Mari Petroleum Company Limited (MPCL), Block No 3069-9 (Suleiman) to OGDCL and Pakistan Petroleum Lim
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Petroleum Division Issues Six New Concessions/Exploration Licenses of Oil and Gas Blocks
Federal Minister for Energy, Muhammad Hammad Azhar, graced the signing ceremony of Petroleum Concessions/Exploration Licenses of six oil and gas blocks at Petroleum Division today.
Director-General Petroleum Concession Petroleum Division granted Petroleum Concession Agreements (PCAs) and Exploration Licences (ELs) over Block No. 3068-6 (Killa Saifullah) and Block No.3067-7 (Sharan) with Oil & Gas Development Company Limited (OGDCL) and Mari Petroleum Company Limited (MPCL), Block No. 3069-9 (Suleiman) with OGDCL and Pakistan Petroleum Limited (PPL) and Block No. 2467-17 (Sujawal South), Block No.3273-5 (Jhelum) and Block No.3272-16 (Lilla) with OGDCL.