Government encouraging oil and gas exploration in the country:Dr. Asim Hussain

Islamabad: Advisor to the Prime Minister on Petroleum and Natural Resources, Dr. Asim Hussain has said that the Government has brought in comprehensive and facilitative policy reforms to encourage oil and gas exploration in the country, of which the Petroleum (Exploration and Production) Policy 2012 is a prime example.

He said this while chairing a meeting with Pakistan Petroleum Exploration and Production Companies Association (PPEPCA) here in Islamabad today. The meeting was also attended by Dr. Waqar Masood Khan Secretary Petroleum, Mr. Mazhar Farooq Secretary General PPEPCA, MD OGDCL, MD SSGCL, MD Mari Petroleum Company Ltd, CEO Ocean Pakistan Ltd. (OPL), DG Petroleum Concessions, D.G Gas and other senior officers of the Ministry.

PPEPCA representatives briefed the Advisor regarding ongoing exploration projects and the ones in pipeline after the announcement of Petroleum Policy 2012.

Dr. Asim Hussain emphasized upon the exploration companies to take full advantage of the 2012 policy as it offers competitive prices and is based on international best practices. He further said that PPEPCA should actively engage in deliberations on low volume gas policies including shale gas, flared gas, Marginal and Stranded oil and gas fields, so that additional gas is inserted into the system.

Advisor on Petroleum and Natural Resources informed that the current energy mix which is heavily dependent on conventional natural gas, has to be balanced out with inculcation of LNG. He said that the recently approved LPG (Production and Distribution) Policy Guidelines, 2012 are aimed at incentivizing the LPG industry for enhancing local LPG production as well as import of LPG and its utilization in the automotive sector and in LPG Air Mix plants for provision of gas to consumers.

PPEPCA representatives thanked and lauded the active role of Advisor on Petroleum for implementing policies to encourage E&P Companies and enhancing their confidence to further invest in exploration and production projects. Moreover, PPEPCA assured full cooperation with the Government for exploration of new oil and gas fields so that the current energy situation is improved.