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In last five and a half years, there was no auction of exploration and production blocks: Nadeem Babar resultantly gas production was on decline by 5% to 7% per annum

Date: May 17, 2019 Author: newsfeed.pk Category: General Tags: Short URL Comments: 0

Islamabad, May 17, 2019 (PPI-OT): In last five and a half years, there was no auction of Exploration and Production (E and P) blocks. Resultantly gas production was on decline by 5% to 7% per annum.This was said by Mr. Nadeem Babar, SAPM Petroleum during his meeting with Mr. Rolf Michael, Ambassador Denmark at Petroleum Division on Friday. Danish Ambassador mentioned that many Danish manufacturers are interested in investing in wind turbines. SAPM appreciated this. Nadeem Babar added that Energy is an essential driver of the country’s economy and to achieve accelerated GDP growth, the economy needs reliable, uninterrupted, and affordable supply of energy.

He also mentioned about upcoming projects of Petroleum Division. Nadeem Babar was of the point of view that government is also drafting new E and P policy, with 7 major amendments. It will be tabled in front of Cabinet till August, 2019 for cabinet approval. Pakistan has a total sedimentary area is 827,000 Sq. kms. Area under Exploration is 361,000 Sq.km. Around 1100 exploratory wells have drilled in Pakistan, so far. Despite low density of wells Pakistan’s oil and gas discoveries success is very impressive (1: 3.2).He said 40 new blocks has been identified. First round of auction of 10 to 15 new blocks will be completed till January to February; 2019.

He also said that 5 Local Refineries which are basically hydro-skimming produce only 12 million tons per annum of Petroleum products against the current demand of over 25 million tons per annum. The upcoming mega refineries with cooperation of brotherly Saudi Arabia and UAE and expansion in other refineries and retail chains will help in meeting the local demand and also exporting it to regional markets.

Apart from this he said that many foreign companies are also interested in laying Trans pipelines, like Russian consortium, Chinese consortium and our local Sui companies. He also said that the country has 2 LNG terminals; apart from this few private companies are also interested in construction of LNG terminals. This Government is also interested in taking fuel traffic off road by laying oil pipeline, for instance recently work on Lahore to Peshawar oil pipeline has also started. Danish Ambassador appreciated the steps being taken by the present Government to augment Pakistan’s Oil and Gas sector and remained confident of greater Danish involvement in Pakistan’s Energy Sector in the years to come.

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