66 bids re­ceived for 50 ex­plo­ration blocks

The Pak Banker - - NATIONAL -

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.

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