Central Board of Revenue (CBR) Chairman Abdullah Yousuf has stressed the need to increase oil and gas production by uncapping existing resources to help in overcoming shortage.
He was presenting his paper at the 2nd Pakistan Oil and Gas Conference 2004, organised by the Petroleum Institute of Pakistan and managed by the Mediators conference here on Tuesday at a local hotel.
He said, "We should expedite exploration strive to increase indigenous oil production from 63,000 barrels per day (bpd) to 100,000 bpd.
He said that gas production should also be enhanced to 4.2 billion cubic feet per day by considering depletion of existing reserves and addition of about 9 tcf new reserves.
Offshore exploration is not yet materialised, however, Pakistan has huge potential of oil and gas offshore reserves. He also stressed upon the need of 10-12 million tonnes coal per year production from Thar for the generation of 1200MW power.
Interior Secretary Tasneem Noorani in his presentation assured maximum security and safety to the foreign and local investors in the oil and gas exploration.
He said during the last three years law and order situation has been improved by adopting different pragmatic steps, including better training of law-enforcement agencies, provision of latest equipment and weapons, latest communication means and certain amendments in the Police Order.
He said that Pakistan is facing various law and order problems, including communal, ethnic, nationalist activities, al Qaeda, RAW activities and vested interest group who are targeting foreigners.
He said that the government is alive and vigilant to provide maximum security to foreign investors and their work places.
He added that oil and gas exploration activities and the production units enjoy better security cover.
Asian Development Bank Senior Economic Adviser Naved Hamid, while presenting his paper, said that after the completion of Daulatabad gas pipeline, India would be the main importer of gas with Bangladesh and Myanmar as potential buyers.
He said that gas pipeline from Daulatabad-Turkmenistan fields to Pakistan would cost $2.5 billion and would benefit Pakistan and India.
Hubco Chief Executive Vince Haris said that cross-border natural gas pipeline project is good, but its cost is high and there are political risks.
Syed Munsif Raza, Managing Director, Pakistan Petroleum Limited, while presenting his paper said that local oil and gas exploration companies have an edge over multinational companies in many terms.
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