ISLAMABAD: The absence of Petroleum Minister Musadik Malik has delayed a crucial decision on allocating 35% of future gas discoveries to the private sector, hindering progress in the 20-member Task Force on Gas-Related Issues, led by Deputy Prime Minister Ishaq Dar.
Sources revealed that Malik, despite assurances of joining Monday’s meeting via video link from Russia, missed his second consecutive session, preventing the task force from finalizing the 35% gas allocation proposal. Malik had suggested phasing in the 35% target by 2031, increasing by 5% annually from the current 10%. However, in his absence, the Petroleum Division proposed implementing a 25% allocation over the first three years.
The Council of Common Interests (CCI) approved the amended Exploration and Production (E&P) policy on January 26, 2024, mandating 35% of gas from future discoveries be sold to the private sector through competitive bidding. The task force, despite holding four meetings since the CCI’s decision, has yet to enforce the new policy. Sources indicate Malik’s absence has delayed key decisions, with the next meeting expected next week.
Story by Zafar Bhutta
