No change in weekly POL prices mechanism: Asim
03 October, 2012
ISLAMABAD: Paying no heed to public miseries, Adviser to Prime Minister on Petroleum and Natural Resources Dr Asim Hussain has categorically declared that government would not change current mechanism of weekly determination of petroleum product prices.
ISLAMABAD: Paying no heed to public miseries, Adviser to Prime Minister on Petroleum and Natural Resources Dr Asim Hussain has categorically declared that government would not change current mechanism of weekly determination of petroleum product prices.
While he rushed to remark giving a ray of hope by saying that one billion Cubic Feet per Day (BCFD) of gas would be injected in the system till fourth quarter of upcoming year by utilising local resources. The Adviser also said that since negotiation with US gas companies are underway regarding the import of Liquefied Natural Gas (LNG) so if talks met with success then Pakistan would be able to import 2 to 3 billion cubic feet of LNG in the country to meet its demands. Further, a summary proposing the import of one Billion Cubic Feet per Day (BCFD) of LNG is being sent to the Economic Coordination Committee (ECC) of the Cabinet on Wednesday. Giving details about the usage of 1 BCFD of LNG, he said 200 MCFD of LNG would be for short-term while 800 MCFD would be for the long-term usages in country.
He, however, has once again declared that owing to gas shortage in upcoming winter, people would face difficulties. But, gas shortfall in the country would be ended within next two years as the government has been making all possible efforts to end the gas crisis. Dr Asim Hussain also disclosed that soon the government would auction 60 gas fields of the country.
While criticising statement of Chaudhary Nisar Ali Khan, Leader of the Opposition in the National Assembly (NA) who on the other day said that if his party come in power as a result of the next general elections, the petroleum prices would be reviewed after each three months, Asim said that Nisar Ali Khan and his party wanted to push Pakistan into an era of 70s.
Though the country is lagging behind tapping shale gas fields yet Dr Asim has said we are going to purchase shale gas fields of America. He said there are reserves of shale gas in the country, which amounts to 51 trillion where 28 trillion cubic feet of low gas reserves and 20 trillion cubic feet of tight gas reserves. He also told that the federal cabinet had granted its approval to give gas fields to the Pakistan Petroleum Limited (PPL).
Harping appreciation about the Petroleum Policy 2012 whose fruits are still a far cry, the Advisor said gas exploration and production companies have speed up exploration activities. Recently ENI has discovered a gas reservoir. He announced that Pakistan State Oil (PSO) would establish an oil refinery in Khyber Pakhtunkhwa (KPK) province because Attock oil refinery remained unable to refine all the crude oil of the KPK and Potohar region. He also said that the country's oil production would reach one lakh barrel per day till the month of April of the next year.
The minister announced that government would convert Oil and Gas Development Company Limited into a Petro Research & Training Institute, a degree awarding institute which later would be given a status of university.
Asim said that OGDCL would drill 36 oil/gas fields by the end of next year, adding that since 2008 the government has added some 600 Million Cubic Feet per Day (MMCFD) gas into the system. He said that nearly 10 percent of gas in the existing gas fields was depleting every year. He also announced a bonus for the employees of OGDCL.
It is pertinent to mention that Dr Asim said all this during a press conference held here on Tuesday in the premises of Oil and Gas Development Company Ltd (OGDCL) headquarter.
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