ISLAMABAD: The Cabinet Committee on Energy (CCoE) constituted a committee headed by Federal Minister for Energy Hammad Azhar to review the oil and gas exploration status and analyse the amendments required in the petroleum policy to enhance the exploration and production activity in the country.

The CCoE took the decision to form a committee in its meeting chaired by Federal Minister for Planning, Development and Special Initiatives Asad Umar at P-Block secretariat on Friday.

The meeting also discussed the Draft Model Petroleum Sharing Agreement as per the Pakistan Petroleum Exploration and Production 2012, which was approved by the Council of Common Interests (CCI).

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The draft agreement will facilitate the offshore exploration of oil and gas in the country. The CCoE asked the Law Division to review the draft agreement before approval.

The CCoE also reviewed the circular debt situation and power sector performance during January 2022. The Power Division also explained the changes in the merit order dispatch of power plants due to transmission constraints and limited gas supply during January 2022.

Minister for Energy, Federal Minister for Science and Technology Shibli Faraz, Member Energy, Secretary Power and Secretary Petroleum Division participated in the meeting.

Copyright Business Recorder, 2022