$5b investment firmed up in oil & gas sector

Officials charging excessive bills to face music: PM

ISLAMABAD:

The local and international firms of Pakistan’s oil and gas exploration and production (E&P) sector, expressing confidence over the leadership of Prime Minister Shehbaz Sharif on Saturday, announced an investment of $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.

The prime minister directed the relevant authorities to solve all the problems of the sector, and submit policy proposals to the constituted committee on priority. The delegation thanked the prime minister for making the petroleum and gas exploration and production sector, a part of the consultation process, listening to their problems and finding serious solutions to them.

The meeting was informed that currently, Pakistan’s domestic production stood at 70998 barrels and 3131MMSCFD gas per day. The prime minister invited petroleum and gas exploration and production companies to also find the offshore reserves.

Exploring the oil and gas reserves at the local level in Pakistan is our top priority, PM Shehbaz said adding that Pakistan spent billions of dollars every year on importing oil and gas.

“Production from local reserves will save Pakistan’s valuable foreign exchange and fuel and gas will become affordable for the common man,” the prime minister added. He directed the authorities concerned to provide solutions to all the problems of the sector on a priority basis.

Governor State Bank of Pakistan Jamil Ahmed told the meeting that on the prime minister’s special instructions, all the remittances (profit of the business) had been sent to the respective countries of the oil and gas production companies.

The meeting was attended by Deputy PM Ishaq Dar, Federal Ministers Ahad Khan Cheema, Muhammad Aurangzeb, Syed Mohsin Raza Naqvi, Engineer Amir Muqaam, Ahsan Iqbal, Sardar Awais Khan Leghari, Deputy Chairman Planning Commission Jehanzeb Khan, Coordinator to PM Rana Ehsaan Afzal, Chairman Federal Board of Revenue Amjad Zubair Tiwana, representatives of domestic and international companies and relevant high officials.

 

Electricity bills

 

Prime Minister Shehbaz Sharif on Saturday decided to take strict action against the officials and other employees involved in charging excess units in electricity bills.

The prime minister chaired a meeting regarding reforms in power sector and solarisation process, PM Office Media Wing said in a press release.

He directed the Federal Investigation Agency (FIA) to identify such officials and employees so they could be suspended to face further strict action.

“They [these officials and employees] are enemies of the people,” PM Shehbaz noted. “This criminal act [of charging excessive units] will not be tolerated at any cost,” he added.

The meeting was attended by Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar, federal ministers Jam Kamal Khan, Sardar Awais Khan Leghari, Ahsan Iqbal, Ahad Khan Cheema, Attaullah Tarar, Minister of State Ali Pervaiz Malik and relevant senior officials.

The prime minister said that exemplary punishment should be given to those officials who had included extra units in the monthly bills of consumers with their anti-public attitude, besides unmasking them who had sent extra units to the protected consumers category, using less than 200 units per month.

During the meeting, the prime minister directed for accelerating efforts over renewable energy for power generation, adding that Pakistan could no longer afford to generate power on imported fuel.

He also expressed his resolve not to pass on the buck to the poor segment of society of the wrong policies measures of the past.

The prime minister said that the consumers would get relief in their monthly bills after utilization of affordable renewable energy resources for power generation.

He directed for immediate closure of dysfunctional government-run power units and those which had been producing expensive electricity.

The prime minister observed that the world was generating power by using renewable energy, adding in Pakistan, there was immense capacity to produce solar power.

He directed for taking of measures to tap solar energy potential on priority basis.