Govt to announce new petroleum policy soon

ISLAMABAD: Prime Minister Imran Khan said the government was formulating a new petroleum policy to provide incentives to the oil exploration and production (E&P) companies working in the country. "In order to capitalise on the potential of the sector, the government is working on a new petroleum policy, offering incentives to foreign E&P companies and removing impediments to undertaking smooth and profitable business ventures," Mr Khan was quoted as saying during his meeting with the chief executive officer of the Kuwait Petroleum, Shaikh Nawaf Saud Al-Sabah, who called on him along with a delegation.

Federal Energy Minister Omar Ayub Khan, Punjab's Energy Minister Dr M. Akhtar Malik and Petroleum Secretary Mian Asad Hayauddin were also present on the occasion. Shaikh Nawaf briefed the prime minister about his organisation's business ventures in Pakistan's oil exploration sector that have been active since the 1980s. He expressed interest in expanding the organisation's business activities in the country.

Prime Minister Khan assured the Kuwaiti delegation of his government's continued support to their company. He highlighted various steps that the government has taken to improve the environment and facilitate foreign investment.

Mr Khan praised the Kuwaiti company's contribution to imparting training to the local manpower in the E&P sector.

"At this stage, KPBV anticipates acquiring seismic data and drilling one exploration well," it said. The KUFPEC is the international oil and natural gas exploration and production unit of the Kuwait Petroleum Corporation.