KSE-100: Rising Covid cases stokes stricter lockdown fears as index losses deepen
April 24, 2021
Stocks continued their descent and extended losses for the third consecutive day at Pakistan Stock Exchange (PSX), as rising fears over stricter lockdown measures restrained the index.
On Friday, the benchmark kse-100 dipped to intra-day low of 566 points to touch 44,363.40 level, however, mid-session the index pared some of the losses.
During the session the market was gripped with fears of rising Covid cases and expected stricter lockdown measures in the NCOC meeting, after the Federal Minister for Planning and Development and the Chief of the National Command and Operation Centre (NCOC) Asad Umar earlier this week issued a warning and said that if that if coronavirus situation worsens in the country, the government will be compelled to impose more restrictions.
The government on Friday awarded six petroleum exploration blocks in Sindh, Balochistan and Punjab to state-run oil and gas exploration and development companies. Reuters/File
ISLAMABAD: The government on Friday awarded six petroleum exploration blocks in Sindh, Balochistan and Punjab to state-run oil and gas exploration and development companies.
The exploration licences (ELs) and petroleum concession agreements (PCAs) were signed by Petroleum Secretary Mian Asad Hayaud Din and Director General of Petroleum Concessions Abdul Jabbar Memon on behalf of the government and Managing Director of Oil and Gas Development Company Limited (OGDCL) Shahid Saleem Khan, Managing Director of Mari Petroleum Company Limited (MPCL) Faheem Haider and Managing Director of Pakistan Petroleum Limited Moin Raza Khan at a ceremony witnessed by newly appointed Minister for Energy Mohammad Hammad Azhar.
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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