Tight gas, undersea oil and gas reserves: PM speaks of criticality of investment

ISLAMABAD: Prime Minister Shehbaz Sharif Monday directed to provide all kinds of facilities to the private sector and local and foreign investors in oil and gas discovery, refining, and distribution.

He stated this while presiding over a review meeting regarding the energy sector on Monday. The prime minister directed to ensure an uninterrupted supply of electricity and gas to the consumers during the month of Ramazan. He also directed taking measures to promote international investors in the discovery of tight gas and other natural resources from the sea.

He wanted to reduce gas losses through smart metering and those involved in the theft of gas and electricity should be identified and punished. He also directed the supply of gas should be ensured to the industrial sector. He also sought short-, medium- and long-term strategy with regard to the energy sector.

Tight Gas Policy 2024 eyes increased investment in Pakistan’s energy sector

The meeting was informed in detail about the circular debt of the petroleum and gas sector, the discovery of tight gas and undersea natural gas and petroleum reserves and taking full advantage of them besides measures to increase international investment in this sector and sought implementation report of conservation of energy during the previous government.

The meeting was told that oil and gas reserves are rapidly decreasing in the country and petroleum products worth US$4 billion are being imported annually to meet the country’s consumption. The meeting was further told that discovery at the local level will save billions of dollars in foreign exchange.

The meeting further informed about the circular debt of petroleum and gas sectors upon which the premier directed to prepare and submit a plan of action on a priority basis to eliminate the circular debt. The meeting was also informed about the interest of international investors regarding the discovery of tight gas and undersea oil reserves.

The prime minister was informed that keeping in view the protection of the consumers, work is underway on the LPG Policy 2024 for which consultation with all the stakeholders is going on.

Later, the meeting was also briefed on the consumption of energy in the industrial sector and the mineral sector. The prime minister instructed the concerned authorities to implement the energy sector reforms on a priority basis.

The meeting was attended by Senator Ishaq Dar, Senator Dr. Mussadik Malik, Shaza Fatima Khawaja, Ahad Cheema, Jahanzeb Khan, Muhammad Aurangzeb, Ali Pervez Malik, and related senior officials.

Copyright Business Recorder, 2024