Pakistan Secures $5 Billion Investment for Petroleum and Gas Exploration

Pakistan is poised to receive a USD 5 billion investment over the next three years from local and international firms for the exploration and development of petroleum and gas reserves. The move aims to save valuable foreign exchange and provide relief from high fuel prices. Prime Minister Shehbaz Sharif highlighted the importance of local production and constituted a committee to address sector challenges.

Pakistan is set to receive an investment of USD 5 billion over the next three years from local and international firms to explore and develop petroleum and gas reserves. This investment is expected to save the country's valuable foreign exchange and provide relief to citizens burdened by high fuel prices.

The announcement came during a meeting presided over by Prime Minister Shehbaz Sharif with a delegation of oil and gas exploration and production companies. The meeting revealed plans for around 240 excavation sites in the next three years with the anticipated investment.

Pakistan's current domestic production stands at 70,998 barrels and 3,131 MMSCFD gas per day. Prime Minister Sharif emphasized the need to explore offshore reserves and stated that local production is a top priority to cut import costs.

Sharif directed authorities to prioritize solutions to industry problems and formed a committee headed by Deputy Prime Minister Ishaq Dar to devise an attractive policy for the sector. The committee will include experts and relevant authorities to consult with industry representatives and submit proposals.

The delegation thanked the Prime Minister for his proactive approach in involving the sector in the consultation process and addressing their issues.

(With inputs from agencies.)