ISLAMABAD: In a significant development for Pakistan’s energy sector, a delegation of domestic and international petroleum and gas exploration and production companies announced a substantial investment of $5 billion over the next three years during a meeting with Prime Minister Shehbaz Sharif in Islamabad.
Expressing their confidence in Prime Minister Sharif’s leadership, the delegation praised his proactive approach in consulting with industry stakeholders, addressing their concerns, and finding viable solutions. “Thank you for making us part of the consultation process, listening to our problems, and finding solutions,” the delegation members stated.
Prime Minister Sharif emphasized that local exploration of oil and gas is a top priority for Pakistan. He invited companies to explore offshore reserves and highlighted that the country spends billions annually on importing oil and gas. Enhancing local production could save valuable foreign exchange and make fuel and gas more affordable for the general public. “Exploration of oil and gas reserves at the local level in Pakistan is our first priority,” he noted.
During the meeting, it was revealed that 240 drilling sites will be explored over the next three years. The Prime Minister directed relevant authorities to prioritize resolving all issues related to the sector to ensure the smooth operation and development of the industry.
To further facilitate this initiative, the Prime Minister formed a committee headed by Deputy Prime Minister Ishaq Dar. This committee, consisting of concerned officials, secretaries, and experts, will formulate policy proposals for the exploration and development of oil and gas reserves.
Prime Minister Sharif reiterated his commitment to providing solutions for all challenges faced by the petroleum and gas sector on a priority basis, aiming to boost local production and reduce dependency on imports. This substantial investment marks a significant step towards enhancing Pakistan’s energy security and economic stability.
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