Islamabad: Dr. Asim, Minister for Petroleum has approved and signed the Tight Gas Policy and said that the Government is concentrating its efforts on exploration and extraction of gas in the country to overcome the energy-shortage in the country. He said this while chairing a meeting with the heads of gas exploration companies.
The Minister said that the 2009 Gas Policy will be revised and new 2011 Gas Policy will be issued with a better pricing structure to encourage investors to invest heavily in the gas exploration and extraction sector. He said that Pakistan sits on huge reservoirs of gas which lay untapped and a coordinated and coherent effort is required both from the government and the private sector. He was of the view that the Government will encourage and facilitate exploration at non traditional avenues like offshore exploration and will soon offer bonanza and incentives for the explorers.
Dr. Asim also ensured the participants of the meeting that the Government will soon come up with a policy for Low Btu Gas to facilitate the explorers. Addressing security concerns of the companies working in Baluchistan, the Minister said that the companies should take the locals on board to ensure their security and the government will also take appropriate measures to safeguard the life and property of the employees of the exploration companies. He ensured the participants that he will personally coordinate with FBR to settle the issue of taxes and duties.
The minister further said that the Ministry of Petroleum is vigorously pursuing the energy exploration activities in Pakistan to meet the growing energy requirements of the country. He added that the lease for exploring the blocks will be cancelled and will not be renewed if the companies are not able to meet their commitment within the specified time. Previously, the contracts of the exploration companies were extended even if they were not able to complete the exploration within the stipulated time. He stressed that the performance of the exploration companies will be monitored regularly to ensure timely completion of the contracts.
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