$5 Billion Investment in Pakistan’s Oil & Gas

Local and international firms in Pakistan’s oil and gas exploration and production (E&P) sector have expressed confidence in Prime Minister Shehbaz Sharif’s leadership. On Saturday, they announced plans to invest $5 billion over the next three years.

Announcement at Prime Minister’s Meeting

The announcement came during a meeting at PM House, chaired by Prime Minister Shehbaz Sharif. An oil and gas E&P sector delegation shared their plans to invest $5 billion to explore petroleum and gas at approximately 240 sites across Pakistan within the next three years.

Formation of a Strategic Committee

Prime Minister Shehbaz Sharif established a committee led by Deputy Prime Minister Ishaq Dar, which includes experts, secretaries, and relevant authorities. This committee will work with industry representatives to develop attractive policies for exploring and developing Pakistan’s petroleum and gas reserves.

Addressing Sector Challenges

PM Shehbaz directed authorities to address all sector challenges and prioritize submitting policy proposals to the committee. The delegation thanked the prime minister for including them in the consultation process and actively seeking solutions to their problems.

Current Production and Future Prospects

The meeting revealed that Pakistan’s current domestic production is 70,998 barrels of oil and 3,131 MMSCFD of gas daily. Prime Minister Shehbaz also encouraged companies to explore offshore reserves, emphasizing the importance of local exploration in reducing the country’s reliance on expensive imports.

Economic Benefits of Local Production

“Exploring local oil and gas reserves is our top priority,” stated PM Shehbaz. He noted that local production would save Pakistan valuable foreign exchange and make fuel and gas more affordable for the general population. He urged authorities to prioritize resolving the sector’s issues.

Remittances and Meeting Attendees

Governor of the State Bank of Pakistan, Jamil Ahmed, informed the meeting that, under the prime minister’s special instructions, all business remittances had been sent to the respective countries of the oil and gas production companies.

High-Level Attendance

Deputy PM Ishaq Dar attended the meeting; Federal Ministers Ahad Khan Cheema, Muhammad Aurangzeb, Syed Mohsin Raza Naqvi, Engineer Amir Muqam, Ahsan Iqbal, Sardar Awais Khan Leghari, Deputy Chairman of the Planning Commission Jehanzeb Khan, Coordinator to PM Rana Ehsaan Afzal, Chairman of the Federal Board of Revenue Amjad Zubair Tiwana, and representatives from domestic and international companies, along with other high officials.