Alleged 3rd party gas sale: Minster says facts to be shared with media

ISLAMABAD: The petroleum minister has sought detail of alleged third-party sale of gas without a license from the ministry to share with the media along with detail of royalty pending against certain oil and gas exploration and production companies.

In a media briefing on Tuesday, Petroleum Minister Musadiq Malik said that he would see into the alleged sale of gas in Badin (Sindh).

Responding to another question regarding default E&P companies to clear royalty, he said he would share details of E&P companies with media.

Responding to a question that the KUFPEC, a subsidiary of Kuwait Petroleum Corporation, is selling its assets worth nearly $60 million in several blocks across Pakistan to Pakistan Exploration (Private) Limited (PEL) to reinvest in other countries, he said the company is strategically shedding only 17 percent and it would hold rest 83 percent.

He said that as per law, the E&P companies had to surrender its incentives when decided to offload their shares in Pakistan.

Earlier, the PEL reportedly stated that the acquisition includes assets in the Dadu, Kirthar, Tajjal, and Qadirpur concessions, along with the Bhit and Qadirpur leases.

“This strategic acquisition strengthens our presence in Pakistan’s energy sector and aligns with our long-term strategy to explore the country’s energy potential,” PEL reportedly stated.

Copyright Business Recorder, 2024