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After the partition of British India in August 1947, the newly formed Government of Pakistan required oil exploration to be conducted by companies incorporated in Pakistan and using the local currency. [4] In response to this requirement, Attock Oil Company incorporated Pakistan Oilfields Limited, in which it held a shareholding of 70 percent. [4]
However, due to the sharp deterioration in India-Pakistan relations, the pipeline is currently changed to be used only by Iran and Pakistan. Pakistan is also planning the Turkmenistan–Afghanistan–Pakistan–India pipeline. Pakistan started importing discounted Russian oil in June 2023 to prevent energy price hikes caused by the economic ...
The Toot area is one of the oldest oil producing regions in Pakistan with the first oil well drilled in 1964 when President Ayub Khan encouraged a mineral development policy. It is located in the Khaur, Punjab Province, which is located approximately 135 km southwest of the capital city of Islamabad. In 1964 the first well was drilled and ...
At its peak during 1986, the field was producing approximately 2,400 barrel of oil per day. It has grown steadily since then, producing both oil and, to a lesser degree, natural gas. [3] Oil production was entirely confined to the Punjab till 1981, when Union Texas Pakistan discovered its first oil-field in Lower Sindh. By 1998-1999, the Lower ...
The Pakistan Oilfields Limited is a Pakistani oil and gas exploration company which is a subsidiary of UK-domiciled Attock Oil Company. It is based in Rawalpindi, Punjab Province, Pakistan. [2] In 1978, Pakistan Oilfields took over the exploration and production business of Attock Oil Company. Since then, it has been investing independently.
Attock Oil Company, informally called Attock Group, also known as the Pharaon Group, is a UK-domiciled conglomerate company based in Manchester, England, United Kingdom. [3] It is the sole vertically integrated oil conglomerate company active in Pakistani market.
The 1990 oil price shock occurred in response to the Iraqi invasion of Kuwait on August 2, 1990, [1] Saddam Hussein's second invasion of a fellow OPEC member. Lasting only nine months, the price spike was less extreme and of shorter duration than the previous oil crises of 1973–1974 and 1979–1980, but the spike still contributed to the recession of the early 1990s in the United States. [2]
The Indian basket of Crude Oil represents a derived basket comprising Sour grade (Oman and Dubai average) and Sweet grade (Brent Dated) of Crude oil processed in Indian refineries. During the year 2018-19, the ratio is 75.50 : 24.50 (Dubai : Brent respectively) [ 2 ] and during the year 2017-2018, the ratio was 74.77 : 25.23 (Dubai : Brent).