ISLAMABAD: The Standing Committee on Energy (Petroleum Division) has raised concerns over inadequate regulatory oversight, leading to the misuse of Corporate Social Responsibility (CSR) funds and uncollected Production Bonus and Training Funds intended for capacity-building by exploration and production (E&P) companies.
Chaired by Syed Mustafa Mehmood, the committee convened to examine the allocation, utilization, and transparency of CSR funds within the oil and gas sector. During the briefing, the Secretary of the Ministry of Energy (Petroleum Division) explained that various Petroleum Policies from 1994 to 2012 require E&P companies to allocate funds for local welfare initiatives, such as health, education, clean water, sports, and infrastructure development. Additionally, companies are expected to contribute to training and capacity-building through Production Bonus payments, guided by specific policies.
The committee emphasized the need for stronger oversight to ensure these contributions are effectively used to benefit local communities and address pressing social needs.
Story by Wasim Iqbal
