Pakistan receives $234.8 mln FDI in Oil & Gas sector in 10 months

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ISLAMABAD, June 7 (APP): Pakistan received $234.8 million Foreign Direct Investment (FDI) in the Oil & Gas exploration sector during 10 months of the current fiscal year, which is two percent higher than the last year.

“During July-April FY 2015-16, Foreign Direct Investment in Oil & Gas exploration remained $ 234.8 million as compared to $ 230.1 million in the corresponding period last year thus posting a growth of two percent,” official sources in the Ministry of Petroleum and Natural Resources told APP.

They said Pakistan was also pursuing a robust policy to enhance
domestic gas production to meet the ever-increasing demand of energy in the country.

Recounting achievements of the government in the petroleum sector, they said, one of the milestone was import of Re-gassified Liquefied Natural Gas (RLNG) at the lowest rate.

During July 2015 to February 2016, as many as 175 million cubic feet per day (mmcfd) RLNG was imported, which significantly improved supply to natural gas consumers.

The government is taking all possible measures to ensure energy security and sustainable development in the country. Efforts are underway to improve power sector fuel mix in the country to reduce price of power sector and improve financial viability, the sources said.

In pursuit to its exploration led growth strategy Oil and Gas Development Company Limited (OGDCL) drilled 16 wells, and completed drilling and testing of 9 wells spudded in the previous fiscal year have been completed during the period, the sources disclosed.