$5 Billion Investment
Prime Minister Shehbaz Sharif, in a significant development for Pakistan’s oil and gas exploration and production (E&P) sector, presided over a meeting where local and international firms committed to investing US$5 billion over the next three years.
The announcement, made at the PM House, reflects confidence in the leadership and aims to bolster petroleum and gas exploration across Pakistan.
During the meeting, representatives from the E&P sector outlined plans to excavate approximately 240 sites over three years with the substantial investment of $5 billion.
Prime Minister Shehbaz Sharif responded by forming a committee chaired by Deputy Prime Minister Ishaq Dar.
This committee, comprising experts and relevant authorities, is tasked with devising policies to attract further investment and facilitate the development of Pakistan’s petroleum and gas reserves.
PM Shehbaz Sharif emphasized the importance of addressing sectoral challenges promptly and instructed authorities to present policy proposals to the newly constituted committee expeditiously.
He underscored his commitment to resolving these issues and expressed gratitude for the industry’s involvement in the consultation process.
Currently, Pakistan’s domestic production stands at 70,998 barrels of oil and 3,131 million standard cubic feet per day (MMSCFD) of gas.
PM Shehbaz Sharif encouraged exploration efforts, including offshore ventures, to augment reserves and reduce dependency on costly imports.
Highlighting the economic benefits, PM Shehbaz Sharif stressed that enhancing local production would conserve foreign exchange reserves and lower energy costs for consumers.
This initiative aligns with Pakistan’s strategic goal of achieving energy self-sufficiency and reducing reliance on imported fuels.
Governor of the State Bank of Pakistan, Jamil Ahmed, informed attendees that remittances of business profits had been promptly processed, reflecting the government’s facilitative approach towards the sector.
The meeting drew participation from key figures including Deputy PM Ishaq Dar, Federal Ministers, representatives of domestic and international E&P companies, and senior government officials.
The inclusive dialogue underscored the government’s proactive stance in fostering a conducive environment for sustainable growth in the oil and gas sector.
In conclusion, the commitment of $5 billion investment signals a pivotal moment for Pakistan’s energy landscape, poised to stimulate economic growth, enhance energy security, and pave the way for future development in the E&P sector under Prime Minister Shehbaz Sharif’s leadership.
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