Petroleum firms announce $5 billion investment in Pakistan

Petroleum firms announce $5 billion investment in Pakistan

ISLAMABAD, JUL 6: A delegation of domestic and foreign petroleum and gas exploration and production companies met with Prime Minister Shehbaz Sharif in Islamabad, leading to them announcing a substantial investment of $5 billion in Pakistan over the next three years.

The prime minister has directed relevant authorities to prioritize resolving all issues related to the sector.

Expressing their confidence in Prime Minister Sharif’s leadership, the companies committed to investing $5 billion to enhance Pakistan’s petroleum and gas exploration efforts. Delegation members praised the PM for his serious attention to the sector, acknowledging his efforts in consulting with industry stakeholders, addressing their concerns, and finding solutions.

“Thank you for making us part of the consultation process, listening to our problems and finding solutions,” they said.

During the meeting, it was revealed that 240 drilling sites will be explored over the next three years. The PM invited petroleum and gas companies to explore offshore reserves, emphasizing that local exploration of oil and gas is a top priority for Pakistan.

“Exploration of oil and gas reserves at the local level in Pakistan is our first priority,” he observed, noting that the country spends billions annually on importing oil and gas, and local production could save valuable foreign exchange while making fuel and gas more affordable for the common man.

PM Sharif directed the authorities concerned to provide solutions to all the problems of the petroleum and gas sector on a priority basis.

To ensure the smooth operation and development of the sector, the PM formed a committee headed by Deputy Prime Minister Ishaq Dar. This committee, comprising officials concerned, secretaries, and experts, will formulate policy proposals for the exploration and development of oil and gas reserves.

The PM reiterated his commitment to providing solutions for all the challenges faced by the petroleum and gas sector on a priority basis, aiming to boost local production and reduce dependency on imports.