Pakistan has a golden chance to take advantage of the international recession in oil/gas prices as services costs and other exploration related costs have dropped significantly, Asim Murtaza, Chief Executive Officer (CEO), Pakistan Institute of Petroleum (PIP) said on Monday.
Addressing a press conference here on Monday, Murtaza said that as a result of prevailing international oil/gas price reduction, E&P companies operating in many parts of the world were reducing their costs by adopting different means, which provide Pakistan a chance to attract these companies to undertake new E&P activities as Petroleum Policy 2012 extends attractive incentives to oil/gas firms.
Replying to a question, he said that no international oil/gas E&P Company at present was considering of stopping operations as still Pakistan's current Petroleum Policy was offering best production prices and incentives. He said that American Institute of Petroleum has recently assured Pakistan of all possible cooperation in exploration of natural resources and now the government of Pakistan must take the advantage of the situation.
Talking about the PIP, he said that it was a representative body of the oil/gas companies and individuals in Pakistan, adding that the PIP is organising its flagship "Pakistan Oil and Gas Conference" on 20 April (tomorrow) with the theme: "Roadmap for a Sustainable Energy Future".
The objective of the conference is to provide a valuable platform for local/international stakeholders and policy makers, including the government of Pakistan, to discuss and analyse the key oil and gas sector issues in Pakistan and their possible solutions. The Ministry of Petroleum and Natural Resources on behalf of the government of Pakistan, has extended full support to the endeavour of the PIP and attached great importance to this conference.
The conference will contour areas of focus for the industry and the government as well as provide policy guidance and recommendations to increase activity and investment in the sector, with focus on oil and gas exploration and energy efficiency. The conference will provide set of recommendations which will be based on the long term energy solutions for Pakistan for securing higher GDP growth and economic development on sustainable basis.
He said that the PIP is a professional, non-government body established in 1963 with a vision to establish itself as a credible energy advisory body relied upon by the Government of Pakistan, industry and academic institutions in service of national development objectives. The PIP currently has a membership of 26 major oil & gas companies operating in Pakistan. The Institute is the country representative of important international bodies such as the World Petroleum Council (WPC) and the International Gas Union (IGU).
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