Thursday, July 18, 2024

Oil and Gas Exploration Firms Pledge $5 Billion Investment in Pakistan

Local and international oil and gas exploration companies are planning to invest $5 billion in Pakistan’s petroleum sector. This investment is driven by their confidence in the government’s supportive policies for the industry.

Prime Minister Shehbaz Sharif emphasized the importance of increasing local oil and gas production. By doing so, Pakistan can reduce its reliance on imports and save foreign exchange, which is crucial for the country’s economy. He highlighted that boosting local production would make Pakistan more self-sufficient in energy.

To address the issues in the petroleum sector and develop attractive policies for exploration, the government has decided to form a new high-level committee. This committee will work on resolving the challenges faced by the sector and creating favorable conditions for exploration companies.

Over the next three years, a significant number of exploratory wells are planned. Specifically, 240 new wells will be drilled to explore and potentially increase the country’s oil and gas reserves. This extensive exploration effort is expected to boost production and contribute to energy self-sufficiency.

Currently, Pakistan produces 70,998 barrels of oil per day and 3,131 million standard cubic feet per day (MMSCFD) of gas. With the planned investment and increased exploration activities, the country aims to enhance its production capacity and meet more of its energy needs locally.

The $5 billion investment from both local and international companies reflects their trust in Pakistan’s petroleum sector and the government’s commitment to supporting its growth. This influx of funds will not only help in increasing production but also in creating job opportunities and stimulating economic growth.

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