Ministry issues 12 more notices to oil and gas companies
Development comes after their failure to start exploration and production activities
PHOTO: REUTERS
ISLAMABAD:
The Ministry of Petroleum and Natural Resources has issued another 12 notices to six oil and gas companies, due to their failure to start exploration and production (E&P) activities as per their commitment.
“We have revoked 17 such licences so far, and served 12 more show-cause notices to six defaulting companies,” official sources in the ministry told APP.
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They warned that permits of all oil and gas companies, which fail to start exploration activities as per their obligation, would be cancelled.
The official also said that the ministry’s drive against non-performing oil and gas exploration companies would continue as the government wanted to step up drilling activities in all potential areas across the country.
He said the action was being taken against inactive E&P companies holding licences for the last several years but having no groundwork to show for it.
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“More inactive licences will be revoked shortly after completing the formalities,” the officials added.
Answering a question, the official said licences were not cancelled instantly, but such companies were first served notices and then provided an opportunity to present their cases, adding that all the process was completed in a transparent manner before the licences were revoked.
Published in The Express Tribune, July 19th, 2017.
The Ministry of Petroleum and Natural Resources has issued another 12 notices to six oil and gas companies, due to their failure to start exploration and production (E&P) activities as per their commitment.
“We have revoked 17 such licences so far, and served 12 more show-cause notices to six defaulting companies,” official sources in the ministry told APP.
Oil, gas: Exploration and production sector has seen $10b investment, says Abbasi
They warned that permits of all oil and gas companies, which fail to start exploration activities as per their obligation, would be cancelled.
The official also said that the ministry’s drive against non-performing oil and gas exploration companies would continue as the government wanted to step up drilling activities in all potential areas across the country.
He said the action was being taken against inactive E&P companies holding licences for the last several years but having no groundwork to show for it.
After petrol, govt plans to introduce higher grade of diesel
“More inactive licences will be revoked shortly after completing the formalities,” the officials added.
Answering a question, the official said licences were not cancelled instantly, but such companies were first served notices and then provided an opportunity to present their cases, adding that all the process was completed in a transparent manner before the licences were revoked.
Published in The Express Tribune, July 19th, 2017.