66 bids received for 50 exploration blocks
Indigenous oil and gas production in the country is insufficient to cater for the domestic energy requirements, therefore, the present government accords high priority to exploration and production of hydrocarbons through local resources.
Government of Pakistan being cognizant of the energy short fall in the country and to meet future energy requirements on the back drop of current global economic scenario has formulated a new Petroleum Policy 2012 wherein more liberal fiscal incentives were offered.
Besides this Policy, the Government has also introduced Tight Gas Policy, Low BTU Gas Policy, Marginal/Stranded Gas Pricing Guidelines and Shale Gas Framework for three Pilot Projects.
To alleviate the shortage of hydrocarbons and to meet the future requirements of the country, Dr. Asim Hussain, Advisor to the Prime Minister on Petroleum & Natural Resources has directed that the Ministry of Petroleum & Natural Resources should play a dynamic and proactive role to meet new challenges.