ISLAMABAD, Apr 27 (APP):The Economic Coordination Committee (ECC) of the Cabinet on Thursday approved four summaries of the Petroleum Division about the renewal and grant of Exploration and Production (E&P) licences in Attock and Chakwal in a bid to accelerate oil and gas exploration activities in the country.
Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar presided over the ECC meeting, a Finance Ministry press release said.
The ECC accorded its approval to the following summaries of Ministry of Energy (Petroleum Division):
– Extension in renewal of Bhal Syedan Development and Production Lease (D&PL) covering an area of 16.41 sq kms located in District Attock, Punjab w.e.f. 1st January, 2022 till 10th April, 2024 in favour of M/s OGDCL (Oil & Gas Development Company Ltd).
-Declaration of Commerciality (DOC), approval of Field Development Plan (FDP), and grant of Development and Production Lease (D&PL) over Fazil Discovery (Mubarik Block) for a period of five years w.e.f 8th June 2022, in favour of M/s United Energy Pakistan (UEP) Beta GmbH, in order to meet the ever-growing energy needs of the country.
-Grant of five years renewal to Pariwali Development and Production Lease (D&PL) field covering an area of 121.95 Sq. Kms located in Attock district, Punjab, to M/s POL (Pakisatn Oilfileds Ltd) w.e.f. 1st July, 2022.
-Grant of five years renewal over Minwal Development and Production Lease (D&PL), covering an area of 18.85 sq kms located in Chakwal district, Punjab, w.e.f. 1st April, 2023.
The ECC further considered and approved following Technical Supplementary Grants/Supplementary Grants:
-Rs 284.5 million in favour of Ministry of Interior for disbursement of amount as financial assistance to the Shuhada and injured persons of terrorism incident occurred in Peshawar on 31st January, 2023, in which 84 persons embraced martyrdom and 233 persons were injured.
-Rs 67 million in favour of Ministry of National Health Services, Regulations and Coordination as a rupee cover for USD 0.400 million committed by the World Bank to utilize IDA loan under “Pandemic Response Effectiveness in Pakistan (PREP)” initiative for financial year 2022-23.
-Rs 61 million in favour of Ministry of Law and Justice for Federal Shariah Court to meet the shortfall being faced by FSC in current Financial Year 2022-23.
-Rs 500 million in favour of Ministry of Poverty Alleviation & Social Safety for Benazir Income Support Programme (BISP) Nashonuma project.
Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Climate Change Senator Sherry Rehman, Minister of State for Finance and Revenue Dr Aisha Ghous Pasha, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, SAPM on Govt Effectiveness Mohammad Jehanzed Khan, Coordinator to the PM on Economy Bilal Azhar Kayani, federal secretaries and other senior officers attended the meeting.