KP has abundant natural resources

PESHAWAR: Khyber Pakhtunkhwa Oil and Gas Company Limited (KPOGCL) has released report about natural resources development.

The report said that the Khyber Pakhtunkhwa’s contribution in the country’s natural resources was 55 percent.

KPOGCL Chief Executive Raziud Din Razi said that Khyber Pakhtunkhwa had abundant resources of crude oil, natural gas and liquefied petroleum. He said that KPOGCL was established for development of natural resources of the province.

The official added the company had explored several resources in the province and contributed to the country’s economy. He said the national and foreign companies had signed several agreements with KPOGCL due to the abundance of natural resources in the province.

The official hoped the agreement for exploration and development of natural resources in Khyber Pakhtunkhwa would eliminate poverty and would create job opportunities in the province.

He said the government was taking practical steps for attracting foreign investment in the natural resources sector, adding that an energy apex committee had been established under the supervision of chief minister.

The government, he pointed out, is establishing laboratories at provincial level to promote natural resources sector.

The report stated that crude oil production in 2013 was 29, 852 barrel per day while it reached 53,322 barrel per day this year.

The total crude oil production in Pakistan stands at 97,243 barrel per day. The natural gas production in 2013 was 332 mmcf which rose to 443 mmcf.