ISLAMABAD: The government will announce the new petroleum policy in the last week of the current month after completing necessary consultations with the provinces.
“As per vision of Prime Minister Imran Khan, the government is working on drafting of petroleum policy."
It will be a uniformed policy, which will bring a major changes in the areas of oil, gas, Liquefied Petroleum Gas (LPG) and liquefied natural gas (LNG)” the sources said this while talking to APP on Tuesday.
The new policy and its implementation, they said were a part of the 100-day agenda announced by the prime minister.
The ministry will also award 10 new blocks for exploration in different oil and gas potential areas through open biding, they said.
With the award of 10 more exploration blocks, they said, the country would witness a remarkable increase in oil and gas exploration activities, which would help meet ever-increasing energy demand.
They said, 10 blocks, including 2972-6 (Cholistan), 3072-8 (Shakar Ganj West, 3073-5 (Punjab),3069-10 (Musakhel), 2762-1 (Desert), 3068-3 (Block 28 North), 3269-1 (Wali West), 2768-13 (Sorah), 2567-12 (Taung) and 2667-9 (Khuzdar South), would be awarded to successful bidders through a transparent process.
Pakistan had rich oil reserves that would be given attention and be explored in order to improve local production.
Efforts will also be made to improve the local production of refined and crude petroleum products, which currently stand at 15pc while imports make up 85 per cent, they added.
Trade delegation aims to explore investment opportunities in various sectors in Pakistan
FBR's move to leave adverse effect on foreign investment in telecom sector, says PTA
Sindh govt's top priority is to provide maximum facilities to the people, says Sharjeel Inam Memon
Sheikh Mohammed bin Abdulrahman Al Thani is TIME magazines "100 Most Influential People" in 2024
KSE-100 shares index gained 1244.45 points or 1.76% to finish at 71,902
Neom officials reject claims of Saudi Arabia mega project being scaled down