Archive for category Economy
OGDCL Pakistan on the road to failure in achieving targets of 2009- 2010
Posted by K. Shahzad in Economy on January 4, 2010
OGDCL Pakistan
OGDCL is an oil and gas company which is ran by Government of Pakistan. It controls large amount of oil and gas reserves of the country totaling up to the 45% of gas and 35% of the oil reserves of the country. This company is also responsible for research and development in the sector. The company had a target of digging out 42 wells in current financial year 2009-2010 but is lagging well behind the target and will most likely will be unable to achieve the target. Company have been able to dig just 6 wells up till now in this year and need to dig up about 36 more in remaining period of less than 6 months to achieve the target.
The oil production share of the company is 61% of whole oil production of the country and gas production totals up to 25% of all natural gas production of the Pakistan. Due to being not able to keep up with the targets company’s oil and gas production is decreasing and they are not being able to keep up with the production targets. Their production have even declined over the past few months.
Company was also unable to achieve their oil production targets and this year they had to achieve the number of drilled wells target but lagging too much behind. Company spokesman told media that the reason for this was the stay orders by court on some drilling sites disputed with private companies and secondly the bad security situation in lots of areas make them unable to operate.
Company have marked about 23 more sites for drilling but need to spot out about 13 or more sites to dig for oil and gas.
KSE-100 index falls, economic downturn continues
Posted by K. Shahzad in Economy, National, Stock Exchange on October 21, 2009
KSE-1oo index dropped 3.36% and closed at 9247.78 today. Over the past month or two after the security situation became better in the country, 100-index was increasing significantly and lots of foreign investment was coming in seeing the improved security situation. But soon after the security situation in the country worsen again, the foreign investment again not coming in and 100-index fell significantly.
As there were serious attack threats all over the country and all education institutions were closed looking the bad security situation the foreign buyers’ trust jolted. As Pakistani security forces are at decisive war against the militants hiding in South Waziristan, on other hand these militants are targeting the normal public in the country to pressurize the security agencies and make them give-up on war. This situation have affected the economy of country significantly.
Foreign investment is back in Karachi Stock Exchange
Posted by K. Shahzad in Economy, Happenings, National, National Development, Stock Exchange on September 2, 2009
As soon as government ensured the improvements in the energy sector, this have increased the confidence of foreign investors and Karachi stock exchange have observed good investment by foreigners. In last month, Aug 2009 the money foreign buyers bought shares of about $95.3 million and this month on alone 1st Sep, 2009 the investment of 21.29 million was observed from the foreign investors.
More over KSE-100 index was ended on its highest of the year at 8,878.64 today. This is big improvement and if the political parties and country’s leadership don’t come up with any other issue this confidence by foreign buyers will further strengthen and loads of foreign investment is expected. As this year KSE-100 index already gained 51.38% , let me remind you that it had lost about 58.3% in the last year.
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