Pakistan must prevent foreign firms from pulling out: minister

Says exploration companies should be encouraged to look for new reserves

ISLAMABAD: Pakistan has taken advantage of weak crude oil prices around the globe by reducing its import bill, but at the same time it faces a greater challenge to encourage foreign hydrocarbon exploration companies to explore new prospective regions in the country, said Minister of State for Petroleum Division Jam Kamal Khan.

He was speaking at the Annual Technical Conference held on Wednesday. Prime Minister Shahid Khaqan Abbasi will address the conference on Thursday.



The Society of Petroleum Engineers and Pakistan Association of Petroleum Geoscientists jointly organised the gathering. Its online registration reached 1,300 delegates excluding exhibitors which numbered around 250.

Thirty-five companies were exhibiting their products and innovative technologies and all 60 booths had been sold. Forty technical papers were presented to shed light on different areas of exploration in Pakistan. Khan, who was the chief guest, praised all the exhibitors who were keen to invest in Pakistan through knowledge transfer and new technologies.

Speaking on the occasion, former State Bank of Pakistan governor Dr Ishrat Husain emphasised that oil and gas exploration and production companies should now diversify their portfolio and target renewable energy sources.



“It is high time that countries focus on multiple sources of energy rather than just relying on fossil fuels,” he said.

Conference Chairman and Pakistan Petroleum Limited Managing Director Syed Wamiq Bokhari said this year the theme of the conference was “Adding Reserves to Sustain Exploration and Production Industry”, which was very relevant to the current growth in demand in Pakistan.

Published in The Express Tribune, November 23^rd, 2017.

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