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Morning Briefing for November 11, 2011 – Standard Capital

Karachi: Govt drills 131 oil, gas wells in last 5 years

According to Standard Capital,

Exploration licenses of over 30 blocks were signed in 2010 Ministry is working on ‘Low Btu and Shale Gas Policies’ To increase local production of oil and gas, the government has drilled 131 exploratory wells in different parts of the country during last five years.

Officials in the Ministry of Petroleum and Natural Resources told Daily Times that the production of oil and gas in the country is less than the demand. However, the government has taken a number of measures to enhance oil and gas production activities in the country. Exploration licenses over 30 blocks were signed during the last calendar year in 2010.The Petroleum Exploration and Production Policy 2011 is in the offering to provide additional incentives to the investors for exploration of oil and gas in Pakistan.

Pakistan exports up by 13% in July‐Oct 2011
Cumulative figure shows Pakistan’s exports during July‐October 2011 were $7.899 billion compared to corresponding period 2010‐11 exports, which were $6.996 billion. This translates around a 13 percent growth in exports. Imports during July‐October 2011 stood at $14.313 billion compared to $12.225 billion during the same period of 2010, thus registering a 17.1 percent growth.

Pakistan’s exports during October 2011 were valued at $1.896 billion, which was 2.2 percent lower than the level of $1.938 billion during October 2010. Imports during October 2011 were valued at $3.607 billion registering a growth of 12.9 percent over the level of imports valued at $3.196 billion in October 2010.

Government borrowing from SBP and banks surges to Rs 262.7bn
The government borrowing from central bank and scheduled banks have seen on the rise for meeting its expenses, swelling to Rs 262.7 billion in the recent days, the State Bank of Pakistan (SBP) reported.

The government has borrowed Rs 69.88 billion from the central bank for budgetary support since July to October 28 of 2011 compared with Rs 139 billion loans transferred to it in the same period of last financial year. The current borrowing is almost 50 percent lesser as against the amount of last year. The government made this borrowing through having remained cautious to side away from it for past couple of months.

The borrowing from central bank under controlled was observed under‐controlled from the government side that resulted the cut in discount rate in the recent monetary policy. Moreover the government’s borrowing from commercial banks has been unabated particularly through T‐Bills since the start of the current fiscal year. Its borrowing from the commercial banks stood at Rs 192.8 billion from Jul‐Oct 28, which is 248 percent higher than the amount of previous year.

Forex reserves slightly lower
The foreign exchange reserves of the country were counted at $17.028 billion on November 4 compared to $17.146 billion a week earlier showing a decline of slight dollars 18 million. According to the State Bank of Pakistan (SBP) statement here Thursday, the foreign exchange reserves held by the SBP currently stand at $13.28 billion and that by other banks at $3.74 billion during the week under review.

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