Energy Firms Announce $5B Investment for Petroleum and Gas Exploration

Staff Report
Islamabad: In a significant development for Pakistan’s energy sector, petroleum and gas exploration and production companies have announced a substantial investment of $5 billion over the next three years. This investment will see the excavation of 240 sites across the country to search for petroleum and gas reserves.

During a high-level meeting in Islamabad, Prime Minister Muhammad Shahbaz Sharif met with a delegation of domestic and international petroleum and gas companies. The delegation expressed their gratitude to the Prime Minister for his unwavering focus on the sector, highlighting his efforts to include the industry in the consultation process and address their challenges.U.S.-Pakistan “Future of Women in Energy” Program Graduates Third Batch

“You are the first Prime Minister who is seriously paying attention to this sector,” noted the participants, acknowledging the Prime Minister’s role in driving the initiative forward.

The Prime Minister emphasized the importance of discovering local oil and gas reserves, stating, “Searching for oil and gas reserves at the local level in Pakistan is our first priority.” He pointed out the economic burden of importing oil and gas, adding, “Pakistan spends billions of dollars every year on importing oil and gas. Production from local reserves will save Pakistan’s valuable foreign exchange and make fuel and gas cheaper for the common man.”

To facilitate this ambitious plan, the Prime Minister has invited companies to explore offshore reserves and has directed relevant authorities to prioritize solutions to sector-specific issues. He has also established a committee chaired by Deputy Prime Minister Ishaq Dar, including officials, secretaries, and experts, to formulate proposals for an attractive exploration and development policy.

The meeting, attended by key officials including Deputy Prime Minister and Foreign Minister Ishaq Dar, Federal Ministers Ahad Khan Cheema, Muhammad Aurangzeb, Syed Mohsin Raza Naqvi, Engineer Amir Muqam, Ahsan Iqbal, Sardar Owais Khan Laghari, Governor State Bank Jameel Ahmed, Deputy Chairman Planning Commission Jahanzeb Khan, Prime Minister’s Coordinator Rana Ehsan Afzal, and Chairman FBR Amjad Zubair Towana, underscored the government’s commitment to fostering a business-friendly environment.

Governor State Bank Jameel Ahmed assured the meeting that remittances for the benefit of oil and gas exploration and production companies have been facilitated on the Prime Minister’s special instructions.

The delegation was informed that Pakistan currently produces 70,998 barrels of petroleum daily and 3,131 MMSCFD of gas. The anticipated investment and policy reforms are expected to significantly boost these figures, enhancing the country’s energy security and economic stability.