Three oil and gas exploration and production companies have discovered tight gas reserves and submitted third party certification to verify their claims, announced the Ministry of Petroleum and Natural Resources here on Friday.
In a statement, the petroleum ministry said Mari Gas Company Limited in Zarghun block, Polish Oil and Gas Company in Kirthur block and OMV in Miano and Sawan blocks, had found tight gas.
The ministry said it had already promulgated the tight gas policy in May 2011 with an objective to accelerate exploration, development and production of gas from existing reservoirs.
In order to promote exploration of shale gas reserves, the ministry said a policy was under preparation with the active involvement of Pakistan Petroleum Limited (PPL) and Italian energy company Eni.
The ministry pointed out that incentives would be given to companies to encourage them to invest in exploration, development and production of shale gas. The ministry has prepared a draft of shale gas framework, which is being examined and after consensus among provinces it will be sent to the Council of Common Interests (CCI) – an inter-provincial body – for approval.
The ministry said the new Petroleum (Exploration & Production) Policy 2012 was approved in principle by the CCI in February this year subject to development of consensus on issues of zoning, royalty, mode of royalty and production bonus. Later, after developing consensus, a revised policy was sent to the CCI on April 5 for final approval.
Published in The Express Tribune, July 14th, 2012.