Petroleum ministry recovers Rs4.7bn from E&P companies

ISLAMABAD: Ministry of Petroleum and Natural Resources has recovered outstanding payments amounting to Rs 4.7 billion from different oil and gas Exploration and Production (E&P) companies on account of production bonus, social welfare and marine research fee during the last four years.

In a bid to restore confidence of locals in exploration activity areas, the ministry recovered 1639.23 million production bonus, Rs 1,988.25 million social welfare funds and Rs 1,100.51 million marine research fee from the E&P companies, official sources Thursday told APP.

"An amount of Rs 4,727.99 million has been recovered and deposited in accounts of concerned DCOs of oil and gas producing districts for carrying out welfare schemes for locals," they said.

Facilities like health, education, water supply, improved drainage and sewerage system are provided to locals in oil and gas producing Tehsils and Districts across the country, the sources said.