PM directs local oil, gas firms to speed up exploration

ISLAMABAD, Mar 11 (APP):Prime Minister Imran Khan Monday directed the local oil and gas companies to accelerate their exploration process besides directing the petroleum ministry to extend all out facilities to the foreign companies.
Chairing a meeting to discuss the issues related to the petroleum sector, the prime minister directed to minimize the time limit for approval process, discourage unnecessary delay and reduce the involvement of red tape.
The meeting was attended by Finance Minister Asad Umar, Petroleum Minister Ghulam Sarwar Khan, Special Assistan to PM Iftikhar Durrani, Secretary Petroleum and senior officers of the Petroleum Diviison.
The prime minister also instructed to digitize the whole process besides defining a timeline for approval of all cases. He said the role of the ministry should be reduced to just monitoring.
He told the meeting that the companies related to oil and gas sector would be provided full security cover and decided to raise a special force to enhance the security cover of such firms.
The meeting also decided to hold road shows abroad to lure the foreign companies to explore the oil and gas reserves in Pakistan.
A threadbare discussion was also held on the establishment of frontier zone for oil and gas exploration and supply gas to the companies at an attractive price.
The prime minister directed the authorities concerned to furnish new regulations concerning oil and gas before the Council of Common Interests for finalization.
The meeting also reviewed the respective strategies being pursued by the Sui Northern and Sui Southern gas pipeline companies to curb theft and wastage of gas.
The prime minister viewed that Pakistan had been bestowed with considerable reserves of oil and gas and country’s needs could be fulfilled to a great extent through their exploration and exploitation.
He said unfortunately, the import of costly oil and gas was preferred to the exploration of local reserves in the past which not only negatively impacted the industrial consumers but also made the masses to bear the burden of inflation.