- Home
- Business
- News
- Oil and Gas Development Company Limited (OGDCL), ISGS agree to collaborate for SUGS project
Oil And Gas Development Company Limited (OGDCL), ISGS Agree To Collaborate For SUGS Project
Muhammad Irfan Published February 29, 2024 | 05:35 PM
The Oil and Gas Development Company Limited (OGDCL) and Inter-State Gas Systems (Private) Limited (ISGS) have agreed to collaborate for the development of the Strategic Underground Gas Storage (SUGS) project to address the challenge of surplus gas management in Pakistan
ISLAMABAD, (UrduPoint / Pakistan Point News - 29th Feb, 2024) The Oil and Gas Development Company Limited (OGDCL) and Inter-State Gas Systems (Private) Limited (ISGS) have agreed to collaborate for the development of the Strategic Underground Gas Storage (SUGS) project to address the challenge of surplus gas management in Pakistan.
A Memorandum of Understanding (MoU) was signed between OGDCL and ISGS on Thursday, said a news release issued here on Thursday.
The parties will evaluate potential opportunities in developing SUGS at OGDCL fields to enhance the country's energy infrastructure and ensure efficient utilization of gas resources.
The SUGS Project is a critical initiative designed to establish storage facilities for surplus gas, particularly during off-peak seasons when demand is low relative to supply in the Pakistani market.
Through the SUGS Project, OGDCL and ISGS aim to mitigate these challenges by creating storage capacity and facilitating gas-swapping arrangements with other stakeholders in the industry on commercial basis.
Subject to technical and commercial feasibility, project involves the development of withdrawal wells, compressors, and connecting pipelines and the construction of storage facilities capable of accommodating up to 15 billion cubic feet (BCF) of gas, equivalent to five cargos, sufficient for a period of two months.
Recent Stories
Delegation of international investors meets Finance Minister
Federal Govt stands with Balochistan for its development: Naqvi
UAE President receives condolences of Prime Minister of Pakistan over passing of ..
ECC approves to enhance wheat procurement targets
UN urges Israel to 'stop escalation' as tanks enter Gaza's Rafah city
EU stumps up $125 mn for Yemen after aid groups' plea
Governor Tessori condemns May 9 riots, calls it a 'pre-planned conspiracy'
PM condoles with UAE President over Sheikh Tahnoun’s death
Milan nets Giro 4th stage, Pogacar retains lead
UBS back in profit after Credit Suisse takeover losses
Asiya Gul lauds Shafaat's services as DG LG
President for dialogue with all political forces in Balochistan
More Stories From Business
-
Delegation of international investors meets Finance Minister
4 hours ago -
ECC approves to enhance wheat procurement targets
4 hours ago -
UBS back in profit after Credit Suisse takeover losses
4 hours ago -
Minister for Planning, Development and Special Initiatives Ahsan Iqbal leaves for China
5 hours ago -
Stock markets mostly rise on lower rates optimism
5 hours ago -
AFD mission visits Faisalabad, gets updates of various projects
5 hours ago
-
Pakistan and China deepen collaboration on CPEC Phase-2
6 hours ago -
Stock markets mostly rise on lower rates optimism
6 hours ago -
Pakistan’s dairy, beef sectors need to be transformed through precision farming
5 hours ago -
Ch. Shafay chairs meeting of Price Control Council
7 hours ago -
Justice (R) Khilji advises business community to settle disputes via mediation
7 hours ago -
Bahawalpur Chamber's delegation calls on PIEDMC Chairman
7 hours ago