ISLAMABAD: Prime Minister Shehbaz Sharif has directed Ministry of Energy (Petroleum Division) and Khyber Pakhtunkhwa (KP) to conduct a study to assess potential of hydrocarbon seepages and its impact on human, animal, plant lives and water table.

These directions were issued during a meeting on oil and gas sectors of the country and steps to revolutionise their production.

Well informed sources told Business Recorder, taking cognizance of global energy dynamics and increasing oil and gas import bill vis-a-vis dwindling domestic production and slow exploration and observing that highest priority must be accorded to the exploration of oil and gas, the PM decided that Petroleum Division will present a plan to him for establishment of a Policy, Research & Development Entity to guide the working of Petroleum Division.

KP CM places key demands before PM

In this regard, revitalisation plan for transformation of Hydrocarbon Development Institute into a first rate organisation to meet current and emerging challenges of energy along with exploring ways and means of networking existing domestic entities working on energy resources, shall be prepared.

The PM further directed that to scale up capacity to adopt /adapt to emerging technologies and harness domestic energy resources/ establishment of an Energy R&D Fund shall be considered, delineating its objectives, concept, structure, processes and outputs/ outcomes to tap dedicated levies, cess etc to steer high quality R&D and provide evidence-based policy advice to the government.

This task shall be accomplished by Petroleum Division (lead), Power Division, Finance Division and Science and Technology Division within one-month time.

Petroleum Division and chief secretary Khyber Pakhtunkhwa were directed that potential of hydrocarbon seepages shall be assessed by conducting a study including but not limited to impact on human, animal, plant lives and water table and, if found feasible, the proposal for preparation of necessary guidelines for their development shall be revived and presented along with findings of the study to CCI for its consideration.

The meeting also decided that Petroleum Division shall brief the prime minister on existing E&P Regime, including but not limited to impediments in fast track development of oil and gas resources/ institutional handicaps and encouraging private investment along with outlook on seismic data acquisition and drilling, accelerated and enhanced oil recovery (AOR/ER), working on stranded oil and fields, tight gas and shale oil/ gas.