Islamabad, Pakistan, is expected to receive US$5 billion investment over the next three years from local and international companies for the exploration and development of oil and gas reserves, saving the troubled country's valuable foreign exchange. of liquidity and will provide relief to the common economy. Man is the most affected by high fuel prices.
The announcement was made at a meeting chaired by Prime Minister Shehbaz Sharif on Saturday during a meeting with a delegation of companies in the oil and gas exploration and production sector.
According to Pakistan's state-run Associated Press, the meeting was informed that around 240 sites would be excavated over three years with an investment of $5 billion to explore oil and gas in Pakistan.
Those gathered were informed that currently Pakistan's domestic production stands at 70,998 barrels and 3,131 MMSCFD (million standard cubic feet) of gas per day.
The prime minister invited oil and gas exploration and production companies to also search for offshore reserves.
"Exploring local oil and gas reserves in Pakistan is our top priority," Prime Minister Sharif said, adding that Pakistan spends 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 be affordable to the common man," he added and directed the authorities concerned to provide solutions to all problems in the sector on priority.
Currently, the price of petrol in Pakistan is Rs. 265.61/litre, high speed diesel costs Rs. 277.45/litre and the light speed diesel costs Rs 166.86/litre.
The prime minister constituted a committee under the chairmanship of deputy chief minister Ishaq Dar that would include experts, secretaries and relevant authorities.
The committee, after consulting with industry representatives, would formulate proposals to create an attractive policy for exploration and development of oil and gas reserves in Pakistan.
Sharif directed relevant authorities to resolve all issues in the sector and submit policy proposals to the constituted committee on priority.
The delegation thanked the Prime Minister for making the oil and gas exploration and production sector part of the consultation process, listening to their problems and finding serious solutions for them.
The announcement was made at a meeting chaired by Prime Minister Shehbaz Sharif on Saturday during a meeting with a delegation of companies in the oil and gas exploration and production sector.
According to Pakistan's state-run Associated Press, the meeting was informed that around 240 sites would be excavated over three years with an investment of $5 billion to explore oil and gas in Pakistan.
Those gathered were informed that currently Pakistan's domestic production stands at 70,998 barrels and 3,131 MMSCFD (million standard cubic feet) of gas per day.
The prime minister invited oil and gas exploration and production companies to also search for offshore reserves.
"Exploring local oil and gas reserves in Pakistan is our top priority," Prime Minister Sharif said, adding that Pakistan spends 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 be affordable to the common man," he added and directed the authorities concerned to provide solutions to all problems in the sector on priority.
Currently, the price of petrol in Pakistan is Rs. 265.61/litre, high speed diesel costs Rs. 277.45/litre and the light speed diesel costs Rs 166.86/litre.
The prime minister constituted a committee under the chairmanship of deputy chief minister Ishaq Dar that would include experts, secretaries and relevant authorities.
The committee, after consulting with industry representatives, would formulate proposals to create an attractive policy for exploration and development of oil and gas reserves in Pakistan.
Sharif directed relevant authorities to resolve all issues in the sector and submit policy proposals to the constituted committee on priority.
The delegation thanked the Prime Minister for making the oil and gas exploration and production sector part of the consultation process, listening to their problems and finding serious solutions for them.
