ISLAMABAD: Ministry of Petroleum and Natural Resources's drive against non-performing oil and gas exploration companies is continuing as it issued notices to 12 more inactive licence-holders for their failure to start exploration work as per agreement.
"We have revoked 16 such licences so far and permits of all oil and gas companies failing to start exploration activities as per their obligation will be canceled," official sources in the ministry told APP Tuesday.
Keeping in view the prevailing energy situation, they said the government had tightened the noose around non-performing Exploration and Production (E&P) companies, who obtained licences and were reluctant to initiate exploration work.
The sources informed that the action was being taken against the inactive E&P companies holding licences for last several years without any ground work.
"More inactive licences will be revoked shortly after completing all formalities," they added.
They said licenses were not canceled instantly, rather such companies were given notices and provided an opportunity to present their cases, adding that all the process was completed in a transparent manner before revoking licences.
Answering a question, the sources said, the ministry had recently signed 70 Supplemental Agreements for conversion to Petroleum Concessions Agreements aimed at expediting oil and gas exploration activities in potential areas of the country.
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