ISLAMABAD: Petroleum and gas exploration and production companies announced to invest $5 billion in Pakistan in the next three years, said Prime Minister’s Office on Saturday.

A delegation of petroleum and gas exploration and production companies during a meeting with the prime minister stated that an investment of $5 billion in three years and 240 places will be excavated to search for petroleum and gas in Pakistan.

The meeting was also informed that this investment will increase the country’s local production of oil and gas as currently daily production of petroleum is 70,998 barrels and gas 3,131 MMcfd.

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PM Shehbaz invited the petroleum and gas exploration and production companies to find offshore reserves and added that exploration of oil and gas reserves at the local level in Pakistan is our priority to lessen the dependence on imports.

He said that Pakistan spends billions of dollars every year on importing oil and gas and that production from local reserves will save valuable foreign exchange for the country and fuel and gas will become cheaper for the common man.

The Governor State Bank of Pakistan (SBP) informed the meeting that on the special instructions of the prime minister, all the remittances of these oil and gas exploration and production companies, on account of profit, have been sent to their countries.

The prime minister directed the relevant authorities to solve all the problems of the sector and submit policy proposals to the constituted committee soon. He established a committee under the chairmanship of Deputy Prime Minister Ishaq Dar, which will include the relevant officials, secretaries and experts and after consultation with the representatives of the sector, the committee will formulate proposals for creating an attractive policy for exploration and development of petroleum and gas reserves in the country.

Copyright Business Recorder, 2024