E&Ps pledge to invest $5bn in Pakistan’s energy sector

July 07, 2024 (MLN): Local and international firms of Pakistan’s oil & gas exploration and production (E&P) sector have pledged to invest $5 billion during next three years in the country's energy sector, APP reported.

The announcement was made in a meeting presided over by Prime Minister Shehbaz Sharif at PM House.

A delegation of oil and gas exploration and production sector companies told the meeting that during three years, around 240 places would be excavated with an investment of $5bn to explore petroleum and gas in Pakistan.

The prime minister constituted a committee under the chairmanship of Deputy Prime Minister Ishaq Dar that would include experts, secretaries and the relevant authorities.

The committee, after consultation with the representatives of the sector, would formulate proposals to create attractive policy for the exploration and development of petroleum and gas reserves in Pakistan.

PM Shehbaz directed the relevant authorities to solve all the problems of the sector, and submit policy proposals to the constituted committee on priority.

The delegation thanked the prime minister for making the petroleum and gas exploration and production sector, a part of the consultation process, listening to their problems and finding serious solutions to them.

The meeting was informed that currently, Pakistan’s domestic production stood at 70998 barrels and 3131 MMSCFD gas per day.

The prime minister invited petroleum and gas exploration and production companies to also find the offshore reserves.

Exploring the oil and gas reserves at the local level in Pakistan is government's top priority, PM Shehbaz said adding that Pakistan spent billions of dollars every year on importing oil and gas.

“Production from local reserves will save Pakistan’s valuable foreign exchange and fuel and gas will become affordable for the common man,” the prime minister added.

He directed the concerned authorities to provide solutions to all the problems of the sector on priority basis.

Governor State Bank of Pakistan Jamil Ahmed told the meeting that on the prime minister’s special instructions, all the remittances (profit of the business) had been sent to the respective countries of the oil and gas production companies.

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