New petroleum policy to be announced by month end

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.