Work on the basin study would be completed in 28 months which will help to attract both foreign and domestic investment in oil and gas exploration.
In a presentation at the Ministry of Petroleum and Natural Resources here on Saturday, Director General Petroleum Concession, Naeem Malik briefed the meeting that government is providing conducive environment to the investors for enhancing the exploration and production activities with the objective to add new oil and gas reserves.
He further informed that all these efforts would not only reduce foreign exchange burden but also ensure security of energy supply. Since July last, 25 licenses were awarded for oil and gas exploration and eight to ten more licenses would be awarded by the end of next month, the DG added.
With aggressive oil and gas exploration and production activities, Naeem Malik hoped that present daily indigenous production of four billion cubic feet of gas and 68,500 barrels of oil would be increased in the days ahead.
Addressing the meeting, Federal Minister for Petroleum and Natural Resources, Amanullah Khan Jadoon said that Petroleum Policy 2006 would attract huge investment in the onshore and offshore oil and gas exploration in the country.
The minister underscored the need to mobilise all means for enhancing oil and gas production to cater for the energy requirements of the country. Jadoon also directed to expedite the basin study to attract investors with a view to find out the prospects of oil and gas in the country.
Additional Secretary Petroleum, Shaukat Hayat Durrani and senior officials of the ministry also attended the meeting.
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