ISLAMABAD: Various Exploration and Production Companies are holding 125 exploration licences to explore oil and gas reservoirs in the country, as it is feared that the existing gas reservoirs of the country will last after 16 years.
"Currently, 50 blocks are under process for award to different Exploration and Production Companies and the current gas production rate, the balance recoverable gas reserves of the country will last for about 16 years," says an official source.
Thus, the government has taken different steps to explore natural gas in the country, the source added.
The source informed for fiscal year 2013-14, drilling of 59 exploration wells and 51 development wells have been planned for enhancement of oil and gas production in the country.
The source said the government has announced "Tight Gas (Exploration & Production) Policy, 2011" which offers 40c50 percent premium over the respective zonal price of Petroleum Policy 2009.
The source said Petroleum (Exploration & Production) Policy, 2012 has also been notified that offers lucrative incentives to the investors for investment in E&P sector of Pakistan.
The source said the government has approved Low BTU Gas Pricing Policy, 2012 wherein additional incentives to the investors has been given to develop Low BTU fields.
"Government is making efforts to enhance exploration activities in all the areas of Pakistan by improving law and order and providing secure environment to the local and foreign E&P companies," the source said.
The source said efforts are being made to explore deeper prospects and under explored geological frontiers to add new oil and gas reservoirs.
The government is encouraging investment in exploring unconventional hydrocarbon reserves by introducing new technologies, sources added.
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