Islamabad: Petroleum and gas exploration and production companies have announced an investment of 5 billion dollars in Pakistan over 3 years.
Domestic and foreign petroleum and gas exploration and production sector (E&P Sector) has expressed confidence in the leadership of Prime Minister Shahbaz Sharif. Petroleum and gas exploration and production companies have announced to invest 5 billion dollars in Pakistan in the next 3 years.
In the meeting with Prime Minister Shehbaz Sharif, the business delegation said that he is the first Prime Minister who is seriously paying attention to this sector. Thank you for making the petroleum and gas exploration and production sector a part of the consultative process, listening to their concerns and seeking serious solutions.
The delegation gave a briefing in the meeting that in 3 years, 240 places will be excavated for petroleum and gas exploration in Pakistan with an investment of 5 billion dollars.
During the meeting, the Prime Minister invited petroleum and gas exploration and production companies to find offshore reserves. He said that the search for oil and gas reserves at the local level in Pakistan is our first priority. Pakistan spends billions of dollars every year on importing oil and gas.
Shahbaz Sharif said that production from local reserves will save Pakistan’s valuable foreign exchange and fuel and gas will be cheaper for the common man. He directed the concerned authorities to provide solutions to all the problems of the sector on priority basis. The Prime Minister constituted a committee under the chairmanship of Deputy Prime Minister Ishaq Dar, which will include concerned officials, secretaries and experts. After consultation with the representatives of the sector, the committee will formulate proposals to formulate an attractive policy for the exploration and development of petroleum and gas reserves in the country.
In the meeting with the Prime Minister, the delegation of petroleum and gas exploration and production companies, besides the representatives of domestic and foreign companies, Deputy Prime Minister and Foreign Minister Ishaq Dar, Federal Ministers Ahad Khan Cheema, Muhammad Aurangzeb, Syed Mohsin Raza Naqvi, Engr. Amir Muqam, Ahsan Iqbal, Sardar Owais Khan Laghari, Governor State Bank Jameel Ahmed, Deputy Chairman Planning Commission Jahanzeb Khan, Prime Minister’s Coordinator Rana Ehsan Afzal, Chairman FBR Amjad Zubair Towana and relevant senior officials attended.
The meeting was told that due to the seriousness of the Prime Minister to solve the problems of the sector and the government’s business-friendly policies, petroleum and gas exploration and production companies will invest 5 billion dollars in Pakistan in the next 3 years, which will The country’s local production of oil and gas will increase. The participants were informed that at present domestic production of petroleum in Pakistan is 70998 barrels per day while 3131 MMSCFD of gas is being produced.
In the meeting, Governor State Bank said that on the special instructions of the Prime Minister, all remittances have been sent to their countries for the profit of oil and gas exploration and production companies. The Prime Minister also directed the authorities concerned to resolve all the issues of the sector and submit policy proposals to the constituted committee at the earliest.
