Procurement News Notice |
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| PNN | 8839 |
| Work Detail | Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi on Wednesday informed the National Assembly that the country received an investment of Rs1.6 trillion in oil and gas exploration sector during a short span of time. During the question answer session, he said a total of 82 oil and gas discoveries were made during the last three fiscal years. The production from 45 out of 82 discoveries had already been started, whereas necessary work over 37 discoveries was being carried out by exploration and production companies. The minister said that around 46 percent drilling has increased, while around 36 percent increase was witnessed in 2D and 3D explorations. He said that despite the decrease in the petroleum prices internationally, Pakistan was expected to receive investment in the oil and gas sector, which would help explore indigenous resources. Speaking about crude oil production, the minister informed the assembly that the local industry was meeting only 15 percent demand at 100,000 bpd. The government was encouraging exploration activities and investors, and two refineries would be established soon in Balochistan and Karachi, he said. “This will help reduce the import bill of refined products,” he added. The minister reiterating that there was no ban on the domestic gas connections; however, ban on commercial gas connections would be lifted after the arrival of more gas in the system. The minister said a comprehensive strategy was being devised in consultation with gas utility companies to ensure uninterrupted supply of gas to domestic and commercial sectors, during the coming winter season. He said with the injection of gas from new discoveries, and establishment of the second LNG terminal, the situation of gas demand and supply would be in a better position for winter of 2017-18. The minister said 46 new blocks were awarded under Petroleum Policy 2012 to expedite exploration activities, and clearance process initiated for the bidding of 32 new exploration blocks to E&P Companies. “The producer gas price under Petroleum Policy 2012 has been increased from 31 percent to 68 percent for different zones,” he added. He said for new exploration efforts in old blocks, supplemental agreements were signed for conversion to the price of Petroleum Policy 2012. |
| Country | Pakistan , Southern Asia |
| Industry | Oil & Gas, Financial Services |
| Entry Date | 15 Oct 2016 |
| Source | https://www.thenews.com.pk/print/148551-Exploration-sector-receivesRs16-trillion-investments |
