Latif Gas Field to add
40mmcfd gas by September 10
There
will be an
addition of about
40 Million Cubic
Feet per Day
(mmcfd) gas by September 10 from
Latif Gas Field in District Khairpur Sindh. Development and
Production Lease Deed
Agreement (DPLDA) of
Latif Field was signed between OMV and other joint venture
partners in October 2012 and in the first phase OMV would add 40 mmcfd gas out of maximum capacity of
the field of 100 mmcfd. Austrian Exploration and Production (E&P) Company
OMV is the main operator of the Latif Gas Field at Sawan Plant in District
Khairpur and holds a 33.34 percent interest in the Field. The other partners in
the joint venture are Eni (33.33 percent interest) and PPL (33.33 percent
interest). Development will
comprise of drilling of new wells and construction of a 50 kms
pipeline to transport Latif gas to OMV operated Sawan gas plant
where Latif gas is
processed and thereafter delivered to
customers. OMV is targeting net
production of 5,700 BOE per day from Latif Field in 2014.
Turkish bank to provide
$300 million credit facility
Export Credit Bank of Turkey (Exim
Bank) is to give $300 million credit facility to Pakistan for 2013-14 for which
a formal pact will be signed during the 3-day (September 16-18) official visit
of Prime Minister Nawaz Sharif to Turkey. Prime ministers of both countries
will co-chair the third meeting of the High Level Co-operation Council (HLCC)
to be held in Ankara on September 17,
2013. The HLCC mechanism
between Pakistan and
Turkey was established during
the visit of
Prime Minister Erdogan
to Pakistan in October 2009. The
joint political declaration
signed on the
occasion provides HLCC "to oversee
and steer the
unique partnership and intensified co-operation between the
two countries." The
HLCC has thus far met twice - December 2010 in
Ankara and May
2012 in Islamabad. During these
meetings, 25 MoUs/agreements were
signed between the two countries. The Prime Minister would
accord an opportunity
to promote Pakistan as
an investment destination despite
a dispute between GoP and M/s Karkey Rental Power. A business forum
with participation of
leading Turkish companies is
being planned on the sidelines of
the visit. An energy
forum is separately
being planned to be held in Istanbul on September 6 where experts from
the relevant Ministries would
provide a detailed overview on
the technical and financial aspects
of feasible energy
projects including measures
concerning protection of investments,
security and special
incentive packages by the
GoP.
Ecnec approves Rs132bn
power projects
The
Executive Committee of
the National Economic
Council (Ecnec) approved on
Wednesday 16 projects with a total estimated cost of Rs132 billion, most of
them for transmission of electricity from power plants to the distribution system.
An Ecnec meeting
presided over by
Finance Minister Ishaq Dar
and attended by
ministers and senior
representatives from provincial governments constituted
a committee to ascertain
the reasons behind an
inordinate delay in the construction
of the Kachhi
Canal that was scheduled
to be completed in March this year at an estimated
cost of Rs28bn. The cost has now increased to Rs60bn and the project is likely
to take another two years.
Of the approved
projects, 12 relate to
the energy sector, amounting
to Rs96.48bn, including
the Rs7.51bn 31.17MW Koto hydropower project. Three projects of
Rs41.39bn were approved for Sindh, two costing Rs9.81bn for Khyber Pakhtunkhwa,
seven of Rs43.6bn for Punjab along with a Rs11.8bn project for the province’s
southern region and a Rs8.73bn scheme for Balochistan. A Rs22.58bn project was
approved for Azad Jammu and Kashmir and one of Rs2.63bn for Islamabad.
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