‘Govt to overcome energy shortages in country before 2018’

DADU: The government is committed to overcoming the energy shortages persisting in the country before 2018, Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi said on Tuesday.
He was addressing a ceremony after the inauguration of a new gas well discovered in the Kirthar block, Dadu, operated by the Polish Oil & Gas Company (PGNIG). He said that this discovery would add to the indigenous hydrocarbon reserves and contribute to the energy equation of Pakistan.
Pakistan provides an investment-friendly regime to foreign investors by offering lucrative fiscal incentives and conducive business environment, the minster said. Promoting the exploration of indigenous hydrocarbons is a priority for the government in overcoming the energy crisis of the country.
He said that foreign investors should come to Pakistan because lucrative opportunities existed in Pakistan’s upstream sector, in both onshore and offshore areas.
The minister said that his ministry was committed to promoting investor-friendly policies for facilitating international investment in the energy sector. He also appreciated the Polish Oil & Gas Company (PGNIG) for its interest in investment in Pakistan.
AndrzeiMaksum, MD PGNIG, also addressed the ceremony. He said his company was committed to maintaining and growing its presence in Pakistan’s hydrocarbon exploration and production sector.
Pakistan is on top of the list of countries where this Polish company was looking to invest further. He said that his company, already working on one block and having made two discoveries, was aggressively pursuing opportunities to grow its presence in Pakistan. This also bodes well for Pakistan, in terms of increase in foreign investment from Europe. A large number of oil and gas industry were present on the occasion including a seven–member delegation of Polish Oil & Gas Company from Poland.
Polish ambassador, Piotropalinski, said that Pakistan has tremendous potential for foreign investors.
“We are committed to double our investment in energy sector of Pakistan due to lucrative incentives,” he said.
He was of the view that Pakistan needs more efforts to explore its untapped energy resources and Poland was determined to invest more. He termed Pakistan investor’s friendly country and asked foreign investors to invest more. Polish Oil and Gas Company came to Pakistan in 1997. Since then, it has invested over $100 million in the country.
The company has made two gas discoveries in the Kirthar area and is currently working to develop these in association with its joint venture partner-Pakistan Petroleum Limited.
A new gas production plant called Rahman Production Facility has been successfully commissioned after inauguration. The modern plant is based on an efficient and safe design and offers the capacity to process gas from future wells in the Kirthar block.
He said that their company was the biggest oil and gas company in Poland and the main purpose of the visit was to further strengthen the business ties between his company and Pakistan.