State Minister for Petroleum and Natural Resources Mir Naseer Mohammad Mengal on Saturday inaugurated the Petro Bank at the closing session of two-day annual technical conference on the petroleum sector held here.
The Petro Bank will have a central data depository, which would serve the purpose of collecting and supplying data and all information required by the oil and gas exploration and production companies.
With the setting up of the Petro Bank, Pakistan has become one of nine countries, which have a central data depository for petroleum sector.
Petroleum concession director-general G.A. Sabri briefed participants about the conference and the salient features of the bank.
Sabri said that the Petro Bank would ensure data availability to new entrant to carry out research and exploration activities in Pakistan.
He said oil and gas companies can get their required data on Pakistan's petroleum potential and prospects just at one click.
It make reporting of the exploration work easier for the oil and gas companies.
Earlier, petroleum secretary Ahmed Waqar told participants that the government is engaged in preparing a long-term integrated energy plan for the country.
He said the plan would help Pakistan double its oil and gas production in one year.
He asked the geo-scientists and experts to equip themselves with latest technologies to attain high ratio of success in the oil and gas exploration and production.
Ahmed Waqar said that energy demand was increasing in Pakistan and the government was making all-out efforts to meet the demand.
He said that Pakistan was blessed with great potential of oil and gas. He added that the natural gas growth would increase by 7 percent in coming years.
Pakistan has major fossil resources and its achievements in this field are commendable, he added.
He said oil and gas companies should prefer Pakistan for their investment in this sector as it could ensure good return to them on their investment.
The secretary said the government was taking every possible step to ensure good return to investors for bringing their investment in oil and gas sector.
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