PM Kakar calls for concerted efforts to explore oil, gas reserves

ISLAMABAD: Caretaker Prime Minister (PM) Anwaarul Haq Kakar on Tuesday pointing to the abundant natural resources in the country, underlined the need for concerted efforts to explore onshore and offshore oil and gas reserves.

The interim premier made these remarks while addressing the Petroleum Conference 2024 here as a Chief Guest. Chief of Army Staff, General Syed Asim Munir, was the guest of honour at the Conference.

PM Kakar affirmed the government’s readiness to contribute in infrastructure development, logistics, and security to bolster exploration and production efforts.

He further stated that the conference reflected a collective commitment to fully utilise the immense mineral potential of Pakistan, so as to ensure energy self-sufficiency and transform the Country into a regional exporter of energy.

He appreciated the Special Investment Facilitation Council (SIFC) and the Federal Ministry of Energy for fostering an investor-friendly environment by streamlining regulations and procedures.

Country Manager, Kuwait Foreign Petroleum Exploration Company Ali Taha Al-Temimi appreciated unrelenting efforts of the government of Pakistan in bringing the stakeholders together for formulating policy recommendations and boosting investment in the petroleum sector.

Provincial Chief Ministers, Minister for Energy, Secretary Petroleum, Government representatives, policy makers, foreign and domestic investors from the Energy and Petroleum (E&P) sector and international delegates also attended the conference.

A day earlier, the Council of Common Interests (CCI) approved use of old or existing licenses and lease agreements of petroleum exploration and production companies for exploration of new oil and gas reserves.

The council approved the amendments proposed by the Petroleum Division in the Petroleum Policy 2012 to encourage exploration of new reserves of oil and gas.

The decision of the council would encourage the companies in exploration of new reservoirs of gas. Under the amendment in the petroleum policy, the gas exploration companies would be allowed to work with their present licences in search of oil and gas reserves.