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E&P firms announce $5 bn investment in oil, gas sector
The local and international firms of Pakistan’s oil & gas exploration and production (E&P) sector, expressing confidence over the leadership of Prime Minister Shehbaz Sharif on Saturday, announced an investment of US$5 billion during next three years in the country. The announcement was made in a meeting presided over by Prime Minister Shehbaz Sharif at […]
The local and international firms of Pakistan’s oil & gas exploration and production (E&P) sector, expressing confidence over the leadership of Prime Minister Shehbaz Sharif on Saturday, announced an investment of US$5 billion during next three years in the country.
The announcement was made in a meeting presided over by Prime Minister Shehbaz Sharif at PM House.
A delegation of oil and gas exploration and production sector companies told the meeting that during three years, around 240 places would be excavated with an investment of $5 billion to explore petroleum and gas in Pakistan.
The prime minister constituted a committee under the chairmanship of Deputy Prime Minister Ishaq Dar that would include experts, secretaries and the relevant authorities.
The committee, after consultation with the representatives of the sector, would formulate proposals to create attractive policy for the exploration and development of petroleum and gas reserves in Pakistan.
PM Shehbaz directed the relevant authorities to solve all the problems of the sector, and submit policy proposals to the constituted committee on priority.
Meanwhile, Prime Minister Shehbaz Sharif called for the early completion of two major hydropower projects in the country with the assistance of Chinese engineers while emphasizing their “foolproof security.”
Sharif presided over a meeting in Islamabad to review the implementation of agreements and memoranda of understanding signed during his visit to China last month, aimed at enhancing collaboration in various fields, including business, agriculture, information technology, mining and energy.
“The prime minister instructed WAPDA [Water and Power Development Authority] to establish safe centers to ensure foolproof security for Chinese nationals working on the Dasu and Diamer Bhasha projects,” said a statement released by his office, referring to two hydropower projects on the Indus River in Khyber Pakhtunkhwa and Gilgit-Baltistan regions.
“He also directed that these projects should be completed as soon as possible,” it added. The prime minister said he would not tolerate any delay in the implementation of agreements with the Chinese authorities.
The meeting was told that a delegation of Chinese shoe manufacturing companies had visited Pakistan to discuss relocating their factories. The statement said there was a potential for an investment of up to $8 billion by these companies.
The meeting was also briefed by the information technology ministry about Huawei’s progress on technical training for 300,000 students, facilitating business through a one-stop operation, and developments in smart governance and smart city projects.
Discussing the development of agriculture in Pakistan on advanced and technological lines, he said it was vital to send 1,000 students to China on government scholarships for advanced training. Prime Minister Shehbaz Sharif also announced Saturday that he would take strict action against officials who charge excess units in electricity bills, Radio Pakistan reported.
He was chairing a meeting in this regard in Islamabad today, attended by Minister for Power Sardar Awais Ahmed Legahri, Minister for Information and Broadcasting Attaullah Tarar, and relevant officials. The premier directed the Federal Investigation Agency (FIA) to identify such officials, suspend them, and take strict action against them as they are enemies of the people.
He said such a criminal act would not be tolerated at any cost.
