ISLAMABAD: Oil and Gas Regulatory Authority (Ogra) Chairman, Masroor Khan, has reiterated his commitments to implement the Ogra Ordinance in its letter and spirit to attract private investment, provide a level playing field to the industry by promoting competition and protecting consumer interest.

He was invited to deliver a keynote speech on behalf of the government of Pakistan and the Ogra on the second day of 2nd Pakistan Energy Reform Summit, 2022, along with other eminent speakers.

The Ogra chairman informed that “the oil and gas including LNG are major components of our energy mix which constitute 75 percent of energy supplies and highlighted that an approximate of $35 billion US dollars’ oil business is being carried out yearly at the port of Pakistan and there are other related avenues which create a huge opportunity for investors.”

Masroor elaborated that unfortunately, the gas reserves were depleting but the government was taking initiatives to explore new resources and emphasis was being given on import of LNG by issuing four virtual LNG licences and other 4-5 applications were in the pipeline to meet supply/demand scenario with development of the LNG projects especially terminals/virtual LNG storages and construction of a gas pipeline as well as other work was being done on cross-border gas pipeline for power generation and promotion of LPG to minimise the shortage.

He emphasized that the Ogra had been striving to address all those challenges and to attract private investments in the oil and gas sector by developing Third Party Access rules, network codes and issuing new WOP licenses etc.

Khan enlightened that Pakistan’s multi-billion-dollar energy industry had tremendous investment opportunities for local as well as foreign investors and has shown commitment as a regulator on improving “Ease of doing business in Pakistan”.

Copyright Business Recorder, 2022