ISLAMABAD: The local and international companies of Pakistan’s oil & gas exploration and production (E&P) sector have announced an investment of US$5 billion during next three years in the South Asian country. The announcement was made in a meeting presided over by Pakistan’s Prime Minister Shehbaz Sharif at PM House on Saturday. A delegation of oil and gas exploration and production sector firms told the meeting that during three years, about 240 places would be excavated with an investment of $5 billion to explore petroleum and gas in the country.
The PM constituted a committee under the chairmanship of Deputy Prime Minister Ishaq Dar that would include experts, and the relevant authorities. The committee would formulate suggestions to create attractive policy for the exploration and development of petroleum and gas reserves in the country.
Prime Minister Shehbaz Sharif directed the relevant officials to address all the problems of the sector, and submit policy recommendations to the constituted committee on priority.
The meeting was informed that presently, Pakistan’s domestic production stood at 70998 barrels and 3131 MMSCFD gas per day. Exploring the oil and gas reserves at the local level in Pakistan is the government’s top priority, Shehbaz said.
