ISLAMABAD (Dunya News) – Oil and exploration companies on Saturday announced a $5 billion investment in Pakistan during the next three years, as they expressed their confidence in the leadership of Prime Minister Shehbaz Sharif, with the delegation members saying that he was first person in office to pay serious attention to the sector.
With the prime minister inviting them to focus on offshore exploration, the companies’ representatives said they would explore oil and gas reserves on 240 different locations across the country – a move that will boost domestic production.
At the same time, Shehbaz formed a committee headed by Ishaq Dar – who is not only the foreign minister but also the deputy prime minister – which comprises senior officials and experts.
During a meeting, he directed the authorities concerned to address the issues faced by exploration companies and asked the committee to presents its recommendations at the earliest.
The panel is tasked with drafting proposals for formulating an attractive policy to expedite exploration and development of oil and gas reserves after consulting those representing the sector.
Speaking on the occasion, the prime minister described oil and gas exploration as his government’s top priority to save precious foreign reserves, as he highlighted the fact that Pakistan spent billions of dollars annually to import the much-needed fossil fuels.
Enhanced domestic production would also ensure supply cheaper fuel to consumers who have been hit hard by unprecedented and sustained inflation, he added.
The meeting was informed that daily crude oil production currently stood at 70,998 barrels with gas production hovering around 3,131 MMSCFD (million standard cubic feet per day).
State Bank of Pakistan Governor Jameel Ahmad said all the profit earned by the exploration companies had been transferred abroad on the special instructions of Shehbaz.