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Thursday, November 21, 2024

Petroleum companies pledge $5 billion investment in Pakistan

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Prime Minister Shehbaz Sharif emphasized that local exploration of oil and gas reserves is Pakistan’s top priority.

During a meeting in Islamabad with representatives from domestic and international petroleum and gas companies, a significant investment of $5 billion over the next three years was announced.

The prime minister instructed authorities to promptly address all sector-related issues. Delegation members expressed their confidence in Sharif’s leadership and appreciated his proactive approach in consulting with industry stakeholders and resolving their concerns.

“Thank you for including us in the consultation process, addressing our issues, and finding solutions,” they said.

The meeting highlighted plans to explore 240 drilling sites within the next three years. PM Sharif also invited companies to explore offshore reserves, emphasizing that local exploration would reduce Pakistan’s reliance on oil and gas imports, thereby saving valuable foreign exchange and making energy more affordable for the public.

To facilitate the development of the sector, PM Sharif formed a committee led by Deputy Prime Minister Ishaq Dar. This committee, consisting of relevant officials, secretaries, and experts, will create policy proposals for the exploration and development of oil and gas reserves.

The prime minister reaffirmed his commitment to resolving the challenges faced by the petroleum and gas sector, with the goal of boosting local production and decreasing dependency on imports.


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