Policies under way to attract investment: Abbasi

Says govt looking to exploit shale oil and gas potential, overcome energy crisis

Our Correspondent November 24, 2015
Federal Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi. PHOTO: REUTERS/FILE

ISLAMABAD: The government is in the process of developing policies to attract investment for the exploitation of shale oil and gas potential, which would radically change the dynamics of the energy sector in Pakistan, said Federal Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi.

“Pakistan has one of the largest shale gas and oil reserves and recent comprehensive studies indicate the potential to be larger than originally envisaged,” he said, while addressing the 22nd Annual Technical Conference (ATC) 2015. The theme of this year’s two-day event is “E&P Challenges; Prospects, Professionals, Policies”.

The conference attracts around 1,000-1,500 industry professionals from exploration and production companies, academia and service providers from all over Pakistan, as well as a large number of technology experts from overseas and industry regulators.

“A petroleum policy with a lucrative pricing regime has been fully implemented and additional incentives are being provided to Exploration and Production (E&P) companies,” Abbasi added.

Board of Investment (BoI) Chairman Miftah Ismail said the government was taking measures to attract investment especially in energy sector to tap indigenous oil and gas reserves to meet the country’s needs.

“Crude oil production in Pakistan stood at 65,000 barrels per day in 2003 but it has now touched 100,000 barrels per day mark,” said Advisor to the Prime Minister Zahid Muzaffar, adding that measures were under way to expedite exploration activities to overcome the energy crisis.

The objective of this year’s conference is to provide a platform to share and present research work, case histories and innovative technological ideas. Prevailing technical Issues and policies, operational knowledge and relevant experiences will also be discussed.

Published in The Express Tribune, November 25th, 2015.

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