E&P committee agrees to sell 35% of unallocated gas volumes

November 21, 2024 (MLN): In a major development, the Exploration & Production Committee has reached an in-principle agreement to submit a long-awaited framework to the National Economic Council Executive Committee for the sale of 35% of the unallocated gas volumes to third-party buyers.

This marks the fifth session of the committee, which was constituted by the Prime Minister and chaired by Deputy Prime Minister Ishaq Dar.

The main objective of the committee is to develop a comprehensive action plan for addressing the challenges faced by the Exploration and Production sector in Pakistan.

The Committee also decided to initiate a bidding round for available onshore exploration blocks by next month.

The Committee was also updated on the ongoing digitization efforts of the Directorate General of Petroleum Concessions (DGPC).

A competitive process has been initiated to advance this digital transformation, which will streamline operations and enhance efficiency in the sector.

The Committee also discussed a proposal to revise gas sale prices on a monthly or quarterly basis.

After careful deliberation, the Committee directed the Petroleum Division to further analyze the proposal and resubmit it at the next meeting, Radio Pakistan reported.

The committee also discussed the security challenges faced by exploration and production companies and emphasized that provision of fool proof security is of paramount importance for promoting investment in Exploration and Production sector for energy security of Pakistan.

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