ISLAMABAD, May 31 (APP): An amount of $ 461,735 is outstanding against eight exploration and production (E&P) companies operating in the Balochistan province, official sources in the Ministry of Petroleum and Natural Resources said Tuesday.
The amount is outstanding on account of ‘essential financial
contribution in social sector’ against the companies, they told APP.
Giving break up, the sources said the amount $61,438 was pending against Dewan, $79,999 against Heritage, $57,578 against Hycarbex, $126,136 against Nativus, $6,485 against OGIL, $17,347 against PEL, $75,007 and $37.745 against RDC.
Answering a question, the sources informed that, licences of all oil and gas companies, failing to start exploration work as per their obligations, would be revoked.
The government, the said, had tightened the noose around non performing E&P companies and revoked 11 such permits recently.
He said the action was being taken against the inactive E&P
companies holding licences for last several years without any ground work.
Currently, they informed that there were a total of 26 such
cases, out of which four would be revoked shortly after completing all formalities.
He said licenses were not canceled instantly, rather such companies were given notices and provided an opportunity to present their cases, saying that all process was completed in a transparent manner before revoking licences.