ISLAMABAD: Local and international firms have pledged a $5 billion investment in Pakistan’s oil and gas exploration and production (E&P) sector over the next three years. This announcement was made during a meeting chaired by Prime Minister Shehbaz Sharif at PM House on Saturday.
A delegation from the oil and gas sector informed the Prime Minister that the investment will be used to explore around 240 potential reserve sites within the next three years. In response, PM Shehbaz constituted a committee led by Deputy Prime Minister Ishaq Dar. This committee, which includes experts, ministry secretaries, and other authorities, will consult with E&P representatives to formulate an attractive policy for the exploration and development of petroleum and gas reserves.
The Prime Minister directed relevant authorities to address the issues faced by the companies and to submit policy proposals to the newly-formed committee immediately. He emphasized that the exploration of new reserves is a top priority, as domestic production would reduce the country’s reliance on costly oil and gas imports, thereby saving valuable foreign exchange and making fuel and gas more affordable for the public.
State Bank Governor Jamil Ahmed reported that, following the PM’s instructions, oil and gas production companies have been permitted to remit profits to their respective countries. The meeting was attended by key officials including Deputy PM Ishaq Dar, federal ministers, and representatives from both domestic and international E&P companies.
