ISLAMABAD: Pakistan's largest oil and gas exploration firm - Oil and Gas Development Company Limited (OGDCL) - has announced a significant increase in local oil and gas production, told a spokesperson of the state-owned oil and gas company.

The company has enhanced production from Nashpa Well No. 4, located in the Karak District in the Kohat Division of Khyber Pakhtunkhwa (K-P). The spokesperson stated that the well is now yielding an additional 330 barrels of oil per day and 7.7 million cubic feet of gas per day. "The increased gas production has been integrated into the Sui Northern Gas Pipelines Limited (SNGPL) network," the spokesperson confirmed. This boost in local production is expected to reduce the national import bill by a substantial $59.85 million. The spokesperson emphasized the impact of this increase, noting that it will contribute significantly to the country's energy self-sufficiency and economic stability.

As per Nepra State of Industry Report, in FY23, 38.2 million electricity customers across Pakistan consumed 112 billion units through the year with a total value of Rs3.7 trillion. These numbers not only demonstrate the scale of the sector, but also a hidden opportunity. Data from the State Bank shows that the volume of utility bill payments through internet and mobile banking channels has grown 271% over the last five years. The value of these transactions has grown a whopping 1600%. This demonstrates that customers, initially wary, have started to embrace the convenience and security of online transactions. Traditionally, Pakistan's economy has run on a river of rupees with a heavy reliance on cash-based payments. But the tide is turning. Covid-19 became an unexpected catalyst, pushing businesses, and banks to expand their digital services and payment methods.

Last month, on June 27, it was announced that OGDCL partnered with a global technology firm to enhance the use of technology for better planning, exploration, and production of oil and gas deposits across Pakistan. SLB, a company listed on the New York Stock Exchange and operating in around 100 countries, will assist OGDCL in improving controls over carbon footprints and combating climate change by developing technologies that reduce emissions and enhance geothermal energy for a better future for people and the planet. The initial OGDCL pilot project's scope includes screening, evaluation, and selection of nine fields for detailed analysis, evaluation of geothermal potential, wellbore modelling, and determination of next steps. Earlier on June 26, K-Electric (KE) petitioned the government for permission to raise its power price by Rs10.69/unit, aiming to increase it to Rs44.69/unit for the fiscal year 2023-24. The proposed tariff adjustment is intended to partially offset losses and enhance working capital, necessitating increased subsidies from the government to the privatised entity.