NWFP Chief Minister Ameer Haidar Khan Hoti Thursday said that the provincial government is pursuing investment friendly policy which is evident from the registration of more than hundred companies belonging to various sectors with Security and Exchange Commission of Pakistan (SECP) during last 18 months. He stated this while inaugurating operations at Central Processing Facility, Tal Block here at Manzalai, district Karak.
The chief minister said that the Tal Block has estimated gas reserves of 2.56 trillion cubic feet and oil reserves of 58.6 million barrels, which has an estimated life of about 178 years for oil and 117 years for natural gas. He informed that sale of natural gas to Sui Northern Gas Pipeline from the Manzalai Tal Block has already commenced at a rate of 120 Million cubic feet per day during the initial phase, adding that the deliveries of gas would soon rise to at least 200 Million cubic feet per day with condensate production of oil around 4000 barrels per day upon completion of the remaining work.
He said that the success of the Tal joint venture here has given us the hope that we can find many more hydrocarbon reserves in the southern districts of the province, adding that such economic activity attracts foreign investment and brings a great deal of socio-economic benefit to the communities. Also if the hydrocarbon potential of our province is fully utilised, we will not only be able to be self sufficient in energy, but it will also help the whole country to bridge its energy needs.
The chief minister informed that the provincial government would also allocate more budgets for the social uplift of the southern districts. The chief minister further added that we have also launched our efforts on priority basis to promote direct foreign investment in Pakistan by increasing the competitiveness of its terms of investment in the upstream sector.
The chief minister pointed that the province is blessed with fertile lands, natural resources, talented and highly expert individuals and dedicated and hard working manpower, having the potential to make a difference in every field of life. The chief minister said that we are also focusing on promoting involvement of Pakistani oil and gas companies in the country in upstream investment opportunities.
Despite financial crunch and disturbing law & order conditions, we are committed to train the Pakistani professionals in exploration and production sector to international standards and create favourable conditions for their training within the country.
The CM said that as per commitment, the provincial government has established Energy & Power Department to exclusively look after the affairs of power potential including hydel and other renewable resources ie solar, wind etc and to look after affairs of Oil & Gas in the province.
He said that the democratically elected government attaches highest priority to oil and gas sector and is committed to accelerate exploration and production activities with a view to achieve maximum self sufficiency in energy sector. The chief minister lauded the services of MOL team and its joint venture partners and congratulated them on establishing of the central processing facility.
The chief minister also assured them all out support on behalf of the provincial government for further development of the Tal Block. At these moments, Chief Executive MOL Group, Gyorgy Mosonyi and Managing Director MOL Pakistan, Janos Feher threw light on the objectives, activities and purposes of MOL company.
On the occasion, shields were presented to Hoti as the chief guest, on behalf of the company. Later, the chief minister formerly inaugurated the plant. Speaker Provincial Assembly Karamatullah Khan, ANP provincial President, Afrasiyab Khattak, provincial ministers, Hungarian Ambassador, MPAs and other high officials were also present on the occasion.