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ISLAMABAD: Local and international firms have announced an investment of $5 billion during the next three years in Pakistan’s oil & gas exploration and production (E&P) sector.
The announcement was made in a meeting presided over by Prime Minister Shehbaz Sharif at PM House on Saturday.
A delegation of companies from the oil and gas exploration and production sector informed the meeting that during the next three years, around 240 potential reserves sites would be excavated with an investment of $5bn to explore petroleum and gas.
The PM constituted a committee under the chairmanship of his deputy, Ishaq Dar, which would include experts, secretaries of relevant ministries, and other authorities.
The committee, after consultation with the E&P sector representatives, would formulate proposals to create an attractive policy for exploration and development of petroleum and gas reserves.
The PM also directed the relevant authorities to solve the issues faced by the companies and submit policy proposals to the newly-constituted committee immediately.
The meeting was informed that currently Pakistan’s domestic oil and gas production stood at 70,998 barrels and 3,131 million standard cubic feet per day (MMSCFD), respectively.
The prime minister invited petroleum and gas exploration and production companies to also work on offshore sites and called the exploration of new reserves “top priority”.
The government spends billions of dollars every year to import oil and gas, and production from local reserves would save this valuable foreign exchange, the PM said.
He said local reserves will also make fuel and gas affordable for common people.
State Bank Governor Jamil Ahmed told the meeting that as per the PM’s instructions, oil and gas production companies have been allowed to remit profits to their respective countries.
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