Karachi: OGDCL hits landmark oil discovery in KP
According to Standard Capital Securities, the Oil and Gas Development Corporation Limited (OGDCL) operator of Nashpa Exploration License, together with its joint venture partners Pakistan Petroleum Limited (PPL) and Government Holding Private Limited (GHPL) have discovered a new hydrocarbon‐bearing horizon from its appraisal well Nashpa 02, located in District Karak, Khyber Pakhtunkhwa. The structure of well was delineated, drilled and tested utilising indigenous expertise. Nashpa Well No 02 was drilled down to the depth of 4340 metres targeting to test the oil and gas potential of Datta, Shinawari, Samanasuk, Lumshiwal, Hangu and Lockhart formations. Significant reserves of hydrocarbons have been found at Nashpa Well No II. The first targeted zone “Datta Sandstone” has been tested and produced 3370 barrels per day of crude oil and 11 MMCFD gas through 32/64” choke at well head flowing pressure 3800 psi.
Auto sector sales increase 24 percent in Oct 2011
Pakistan Automotive Manufacturers Association (PAMA) has released local automobile industry’s sales and production numbers for the month of October 2011. As per data, auto sales of the industry witnessed a substantial growth of 24 percent year to year (YoY) to 58,576 units in four months of fiscal year 2012 (FY12) as against the sales of 47,143 units in the corresponding period last year. The main reason behind this substantial volumetric growth seems to be incentive given by the government to local auto manufacturers in terms of removal of Special Excise Duty (SED) of 2.5 percent on imported and manufactured vehicles coupled with reduction in General Sales Tax (GST) from 17 percent to 16 percent in addition to the low base effect.
Pakistan has 1,339.25 tonnes of gold reserves
Pakistan has 1,339.25 tonnes of gold reserves situated in Baluchistan with 63.50 tonnes at Saindak and 1275.75 tonnes at Reko Diq, sources told Daily Times on Monday. These two major gold reserves are situated in district Chagai, Baluchistan. The sources further said the Saindak Copper‐Gold Project, Baluchistan is the only project in the country, which is producing gold/silver as a by‐product in a normal quantity. The gold production was 7.891 tonnes and silver 11.293 tonnes during five years.
SBP advises banks, DFIs to submit quarterly CAR
State Bank of Pakistan on Monday advised all banks, Development Finance Institutions (DFIs) to submit soft copies of their quarterly un‐audited Capital Adequacy Returns (CAR), on consolidated as well as on stand‐alone basis, on the enclosed formats within 18 working days of the end of each calendar quarter.SBP also asked them to submit soft copies of their annual audited Capital Adequacy returns, on consolidated as well as on stand‐alone basis, on enclosed formats within three months of end of each calendar year.