Prime Minister Muhammad Nawaz Sharif chaired a meeting reviewing status of key indigenous petroleum exploration projects heretoday.
Federal Minister for Petroleum Mr. Shahid Khaqan Abbasi and Federal Minister Finance, Mr. Ishaq Dar attended the meeting along with senior government officials.
The Prime Minister was informed that so far 44 concession agreements have been signed, 116 wells have been dug while 18 leases have been granted, 33 new discoveries have been announced while 16,000 barrels of oil and 638 mmcf of gas have been added to domestic production.
Pakistan is fast working to provide more incentives to foreign and domestic oil and natural gas exploration companies to significantly raise domestic production. The incentives planned will be in addition to those already provided in the Pakistan Petroleum Policy 2012.
Informing the Prime Minister about five-year projections the Petroleum Minister said that 200 concession agreements are expected to be signed during the next five years while 300 exploratory wells would be dug.
It is expected that 100,000 barrels of oil and 2400 mmcf would be added to domestic production attracting an estimated investment of $20 billion.
The Prime Minister asked the Petroleum Ministry to restructure gas and utility companies and to offer attractive incentives for increased international investment.