Pro-investment policies of GOP production, and self-sufficiency in oil gas under discussion

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(Khalid Sibtain )

ISLAMABAD,   (Parliament Times) : The group of CEOs/MDs of E&P Companies called on the Federal Minister for Energy, Mr. Omar Ayub Khan at Petroleum Division in this afternoon. The CEOs of E&P Companies include Dewan Group, Orient Petroleum, Oil and Gas Development Company, Pakistan Petroleum Limited, Mari Petroleum, Petroleum Exploration Company and PGiNG company. Speaking to Roundtable, the Minister said that revival of exploration and production activities in the country is key objective of the incumbent Government which had been ignored by previous governments. He said the current Government also aimed at self-sufficiency in the oil and gas by auctioning new oil and gas blocks and expediting the output of E&P sector. The Minister also highlighted the pro-investment polices of GoP of introducing ease-of-doing-business in petroleum sector and transparency to ensure a level-playing field for all competitors. The Minister said that onset of E&P activities would also help to expand oil & gas business, create job opportunities in the country as well as possible decrease in import bill. The delegation thanked and appreciated the efforts of GoP for positive development in E&P sector and smooth resolution of regulatory issues pertaining to PCs. The meeting also discussed the new bidding rounds of oil and gas blocks including off shore blocks, revocation of existing blocks and amendment in PPRA rules for oil and gas SOEs.