Key decisions made to improve exploration, production sector
Business
Ishaq Dar chairs 5th session of Exploration & Production Committee
ISLAMABAD (APP) - Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar on Monday chaired the fifth Session of the Exploration & Production Committee constituted by the Prime Minister to develop a comprehensive action plan for addressing the challenges faced by the Exploration and Production (E&P) sector in Pakistan.
Building on the discussions from previous sessions, several key decisions were made to improve the sector’s outlook.
The committee reached an in-principle agreement to submit a long-awaited framework to the Executive Committee of the National Economic Council (ECNEC) for the sale of 35% of the unallocated gas volumes to third-party buyers.
The framework includes a 100 million standard cubic feet per day (mmscfd) cap for the first year, with annual reviews thereafter.
In another significant move, the Committee decided to initiate a bidding round for available onshore exploration blocks by December 2024.
The deadline for bid submissions is set for March 15, 2025. In parallel, a separate bidding process will be launched for offshore exploration blocks, with a six-month period allowed for potential bidders to evaluate the offered blocks and make their bids by 30th of June 2024.
The committee was also updated on the ongoing digitization efforts of the Directorate General of Petroleum Concessions (DGPC).
A competitive process has been initiated to advance this digital transformation, which will streamline operations and enhance efficiency in the sector.
