PD discusses amended E&P policy 2012, its implementation today

ISLAMABAD: The Petroleum Division (PD) has convened a meeting for Saturday (today) to discuss amendments to the Exploration and Production (E&P) policy 2012, and develop the consensus implementation framework, to be submitted to ECNEC (Executive Council of National Economic Council) for approval, a senior official of Energy Ministry told The News on Friday.

Under the amended policy, approved by the Council of Common Interests (CCI), the E&P firms are allowed to sell 35 per cent gas from the future discoveries to private sector companies.

The meeting, convened by the Petroleum Division, has been summoned after the SIFC (Special Investment Facilitation Council) sought an update from the Petroleum Division on the amended policy and its implementation through its letter, written on August 7, 2024. The letter said the update would be tabled before the apex committee of the SIFC, which would be chaired by prime minister and attended by the Chief of Army Staff (COAS).

“If the amended E&P policy is implemented as per the spirit of the CCI decision, it would pave the way for $5 billion investment for exploration and production activities in the country,” according to official sources.

“In the meeting, the petroleum minister, secretary Petroleum Division, additional secretary (Policy) and DG gas, DGPC and CEOs or managing directors (MDs) of all Exploration and Production companies would participate. However, private sector representatives have not been invited, which are the important stakeholders,” added the sources.

The meeting has also been summoned following directive of Deputy Prime Minister Senator Ishaq Dar, who is also head of a 20-member task force on all gas-related issues. He said some days ago while presiding over a 20-member task force that the decision by the CCI on the amended Exploration and Production (E&P) Policy-2012 could not be reversed.