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Petroleum firms have announced a $5 billion investment in Pakistan

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vPetroleum firms have announced a $5 billion investment in Pakistan

In a significant development for Pakistan’s petroleum and gas sector, a delegation comprising domestic and foreign exploration and production companies met with Prime Minister Shehbaz Sharif in Islamabad. Following the meeting, the companies announced a substantial investment of $5 billion over the next three years in Pakistan’s energy sector.

Prime Minister Sharif, emphasizing his commitment to resolving sector-related issues promptly, directed relevant authorities to prioritize addressing all concerns raised by the delegation. The companies expressed confidence in the leadership of PM Sharif, commending his proactive approach in consulting with industry stakeholders and facilitating solutions to their challenges.

During the discussions, it was disclosed that the investment would focus on exploring 240 drilling sites across Pakistan over the next three years. PM Sharif encouraged exploration of offshore reserves as well, underscoring the importance of boosting local oil and gas production to reduce Pakistan’s hefty annual expenditure on fuel imports. This initiative aims to conserve valuable foreign exchange while making energy more affordable for the populace.

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To streamline operations and foster sectoral growth, Prime Minister Sharif formed a committee led by Deputy Prime Minister Ishaq Dar. This committee will collaborate with relevant officials, secretaries, and experts to develop policy proposals aimed at enhancing the exploration and development of oil and gas reserves.

In conclusion, PM Sharif reiterated his administration’s commitment to addressing the challenges faced by the petroleum and gas sector promptly. The strategic focus remains on augmenting local production capabilities and decreasing dependency on imported energy resources, marking a pivotal step towards advancing Pakistan’s energy security and economic sustainability.