Deputy Prime Minister Ishaq Dar presided over the fifth session of the committee established by the Prime Minister to formulate a comprehensive action plan for tackling the difficulties confronting the exploration and production sector in Pakistan.
The committee achieved a preliminary consensus to present a long-anticipated framework to the executive committee of the national economic council on the sale of 35% of the unallocated gas volumes to external purchasers.
The committee resolved to commence a bidding process for accessible onshore exploration blocks by the following month.
The committee received an update on the current digitalisation initiatives of the Directorate General of Petroleum Concessions (DGPC). A competitive procedure has commenced to facilitate this digital transformation, which will optimise operations and improve efficiency in the sector.
The committee deliberated on a proposal to adjust petrol selling prices monthly or quarterly. The committee instructed the petroleum division to do a more thorough analysis of the idea and present it again at the next meeting.
The committee addressed the security concerns encountered by exploration and production companies, underscoring that the establishment of robust security measures is crucial for fostering investment in the E&P industry to ensure Pakistan’s energy security.
