Sharif pledges $ 5 bn for oil, gas exploration in Pakistan

08 Jul 2024 CW Team

Prime Minister Shehbaz Sharif, presiding over a meeting with oil and gas sector companies, announced that Pakistan is expected to receive an investment totalling $ 5 billion over the next three years. This investment, from both local and international firms, aims to explore and develop petroleum and gas reserves within the country. The initiative seeks to reduce Pakistan's dependence on foreign oil imports, which currently incurs substantial costs and affects the economy.

During the meeting, it was disclosed that approximately 240 sites would be excavated as part of this investment, focusing on exploring petroleum and gas resources across Pakistan. Currently, Pakistan's daily domestic production comprises 70,998 barrels of oil and 3,131 million standard cubic feet of gas.

Prime Minister Sharif emphasized the significance of prioritizing local exploration efforts, stating, "Exploring oil and gas reserves within Pakistan is our primary objective." He highlighted the substantial foreign exchange savings expected from reducing oil imports, which would ultimately benefit the country's economy and provide relief to consumers coping with high fuel prices.

Additionally, Prime Minister Sharif invited companies in the petroleum and gas exploration sector to explore offshore reserves as well, underscoring the government's commitment to expanding energy resources independently.

In summary, the investment announcement underscores Pakistan's strategy to boost domestic energy production, mitigate foreign exchange expenditures, and alleviate the economic burden on its citizens due to high fuel prices.

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