According to data from the recent study, it is feared that existing deposits would further deplete by 60% by the end of 2027. PHOTO: FILE
ISLAMABAD: Following a study which made startling revelations about the fast depletion of existing hydrocarbon reserves in the country, the Petroleum Division has devised a strategy to reinvigorate oil and gas exploration activities by awarding additional blocks and providing several incentives for both offshore and onshore drilling. “On November 26, 2018, 10 new exploration blocks were awarded through open bidding,” officials recalled while talking to APP. “Ten more new blocks will also be put up for bidding in the first quarter of 2019.” According to data from the recent study, it is feared that existing deposits would further deplete by 60% by the end of 2027. Moreover, it underlined the need for raising the exploration activities in potential areas on a war footing.
Published in The Express Tribune, January 22nd, 2019.
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