ISLAMABAD: Under the Pak-Iran gas pipeline project, Pakistan would get 750 million cubic feet gas per day (mmcfd) from Iran and the quantity with addition of a provision in the contract could be increased to 1,000 mmcfd per day.

“Iran has in principle agreed to provide a 250 million dollars fund and representatives from both the sides are currently engaged in negotiations for finalisation of terms of the agreement,” Advisor to the Prime Minister on Petroleum and Natural Resources, Dr Asim Hussain, told the National Assembly on Friday.

The Advisor also informed the House in written replies to some questions of the members that as a part of Bankable Feasibility of Pak-Iran Gas Pipeline Project completed in 2012 by Technical Consultant - ILF Beratende Ingenieure GmbH, the average gas supply shortfall was forecast as 2100 mmcfd in 2014-15, which was the year in which the gas flow was targeted under the IP project. The forecast figure showed that the supply of gas under the Project would fill less than 50 percent of the demand supply gap, he added.

Dr Asim said that keeping in consideration the fast depleting natural gas reserve and increasing trend of natural gas demand, apart from IP Project, the government was also taking other measures, which included import of gas from Turkmenistan, import of LNG etc. to fill the sharply widening demand supply gap.

Answering to another question, Dr Asim said that during the reported period, total quantity of 11.32 million barrels of oil and 151.81 billion cubic feet of gas had been produced from the new wells discovered in the country.