Govt optimistic about discovery of huge oil, gas reserves: Sarwar

ISLAMABAD: Federal Minister for Petroleum Ghulam Sarwar Khan said the government was hopeful of ‘good news’ regarding offshore drilling for exploration of oil and gas, ARY News reported.

Speaking to media here, the minister it was expected that a huge treasure could be found in the wake of information the government was getting.

“The drilling is currently underway… we will have to wait for a few days before a formal announcement,” added the minister.

Read: Asia’s largest oil, gas reserves likely to be discovered near Karachi: PM Imran

The minister repeated the prime minister’s statement that ‘good news’ will be given to the nation in three weeks.

He recalled that it was a mistake on part of the government regarding formation of slabs in fixing gas prices. “We had also admitted our mistake previously.”

The consumers will be returned additional amount they had paid by June 30. He remarked that the tariff of gas not be increased more than 147%.

The minister said he resigned from the cabinet committee on energy and requested the prime minister to chair the committee himself so it could be run efficiently.

“The PM chaired the first three sessions and later handed over the responsibility to Finance Minister Asad Umar,” Khan added.

Prime Minister Imran Khan on Monday said that Asia’s largest oil and gas reserves may soon be found in Arabian Sea near Karachi.

PM Imran Khan said that there had been positive indicators in the exploration process and added that they would give a good news to the nation within three weeks.