November 13, 2018: The government will announce the new petroleum policy in the last week of current month after completing necessary consultations with the provinces.
“As per Prime Minister Imran Khan’s vision, the government is working on drafting a petroleum policy. It will be a uniform policy, which will bring major changes in the areas of oil, gas, Liquefied Petroleum Gas (LPG) and Liquefied Natural Gas (LNG)” the sources said on Tuesday.
The new policy and its implementation, they said, were a part of the 100-day agenda announced by the prime minister. The ministry will also award 10 new blocks for exploration in different oil and gas potential areas through open bidding.
With the award of 10 more exploration blocks, they said, the country would witness a remarkable increase in oil and gas exploration activities, which would help meet ever-increasing energy demand.
The blocks would be awarded to successful bidders through a transparent process.
Pakistan has rich oil reserves that would be given attention to and be explored in order to improve local production. Efforts will also be made to improve the local production of refined and crude petroleum products, which currently stand at 15pc while imports make up 85 per cent, they added.