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APP
April 11, 2021

Rs1.6bln released for petroleum sector projects

Business

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APP
April 11, 2021

ISLAMABAD: The government disbursed Rs1.6 billion during the first nine months of the current fiscal year to execute various petroleum sector projects, according to the official data.

As of April 2, the government released the amount under the public sector development program 2020/21 against the total allocation of Rs1.8 billion.

As per the initial, PSDP allocation details, the government had earmarked an amount of Rs1.6 billion for five ongoing projects, out of which Rs100 million were meant for expansion and up-gradation of Pakistan Petroleum Corehouse, Rs6.5 million for exploration and evaluation of coal in Nosham and Bahlol areas of Balochistan, Rs303 million for supply of 13.5 million cubic feet per day (mmcfd) gas to Dhabeji special economic zone and Rs1.1 billion allocated for the supply of 30 mmcfd gas at the doorstep (zero point) of Rashakai special economic zone Khyber Pakhtunkhwa.

Rashakai SEZ is located near M-1 Nowshera, Khyber Pakhtunkhwa. The 1000 acres land will be developed in three phases.

The total area designated for Industrial use is 702 acres, of which 159 acres will be developed in phase I, 279 acres in phase II and subsequently 264 acres in phase III. For commercial use, an area of 76 acres has been allocated.

The $60 billion CPEC kick-started five years back concentrating mainly on construction of roads and motorways and power plants to ensure energy security.

Rs100 million was allocated for up-gradation of Hydrocarbon Development Institute of Pakistan’s (HDIP) testing facilities at Islamabad, Lahore, Multan, Peshawar, Quetta and ISO Certification of Petroleum Testing Laboratory at Islamabad. Rs123.476 million had been kept for three new schemes, out of which Rs48 million were allocated for the establishment of National Minerals Data Centre, Rs 20 million for geological mapping of 50 toposheets (out of 354 unmapped toposheets) of outcrop area of Balochistan and Rs55.476 million for strengthening, up-gradation and HDIP’s Karachi Laboratories Complex. – APP.

The government is working towards better oil and gas exploration in Pakistan and new blocks will be offered very soon for exploration. Prices offered to the E&P companies for gas discoveries is the best in the region besides many other incentives.

Pakistan has a total sedimentary of 827,000 square kilometres. Area under exploration is 361,000 square kilometres and around 1,100 exploratory wells have been drilled in Pakistan so far. Despite low density of wells, Pakistan’s oil and gas discoveries success is one out of 3.2 wells.