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.