PM emphasizes for enhancement of indigenous exploration, production

ISLAMABAD: Prime Minister Shahid Khaqan Abbasi Monday said ensuring long term energy security of the country, necessitated enhancement of indigenous exploration and production.

This he said during a briefing by Pakistan Petroleum Exploration and Production Companies Association (PPEPCA) here.

The prime minister said the present government’s bold and visionary decisions had created a conducive investment environment that was attracting and encouraging local as well as foreign investors to explore business opportunities in the country.

He observed that despite constraints, the government had made significant progress towards putting in place an environment that facilitated business community in undertaking profitable business ventures in various fields.

He said the government would continue extending all possible support towards removing bottlenecks in consultation with the stakeholders.

Earlier, upon his arrival, the prime minister was received by Chairman of PPEPCA Lt. General (Retd) Ishfaq Nadeem Ahmad at Mari Petroleum Head Office.

The chairman of PPEPCA gave a detailed presentation to the prime minister about the exploration and production activities being carried out by all exploration and production companies in Pakistan.

The prime minister was apprised of that 46 percent of energy requirement of the country was met through indigenous oil and gas production.

He further briefed that despite downturn in global oil prices and tougher competition for risk investment the response of local exploration and production companies had been very encouraging.