ISLAMABAD: The government has granted 133 oil and gas exploration licenses to meet growing energy needs in the country.
According to officials at oil and gas ministry presently 130 Discovery and Production leases are operative to increase production of oil and gas and 127 fields are producing 63,451 barrels of oil per day and 4,148 million cubic ft gas per day respectively.
Efforts are also being made to put newly made discoveries on production during next two years.
A senior official on Monday said, listing the measures adopted by the government to enhance energy production, additional incentives are being provided to investors for exploration.
These additional incentives would take care of extra risk taken by companies for doing business under the present security environment, he said.
Moreover, exploration licenses over 30 blocks were also signed during last year, he said and added the focus is on enhancing exploration in all areas.
He said more exploration in deeper prospects and under explored geological frontiers to add new reserves is also concentrated.
Tight gas policy has been notified which will offer 40-50 percent higher prices than petroleum policy 2009 gas price to attract exploration companies to invest in tight gas fields.
The country has estimated recoverable tight gas reserves of 24 Tcf. Initially 100-150 mmcfd would be added depending on its success rate.
The official said Ministry of Petroleum and Natural Resources is working on "Low Btu Gas Policy and Shale Gas Policy" to encourage the investors to exploit the reservoirs.
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