Govt to boost – Petroleum Minister Musadik Masood Malik said on Wednesday that the government will improve local production of petroleum products, including gas and crude oil.
At an energy symposium, he said the government has blocked tenders and is actively trying to attract global players to exploration activities. He said Pakistan is open for business and committed to fully digitizing the regulatory process to increase transparency.
Malik highlighted the importance of the TAPI gas pipeline project, which he said would provide cheaper gas. He reaffirmed the government’s commitment to ensuring uninterrupted and affordable energy supply, recognizing it as a top priority. He said Pakistan currently spends more than $18 billion a year on energy imports.
The minister assured attendees that the government is accelerating oil and gas exploration within the country and welcomes foreign companies to invest in this sector. He said investment processes and information on oil and gas exploration have been digitized and simplified to facilitate this.
Malik highlighted the importance of the TAPI gas pipeline project, which he said would provide cheaper gas
By APPMay 23, 2024
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Federal Minister for Petroleum Musadik Masood Malik receives a book from Foreign Investors Chamber of Commerce and Industry President Rehan Shaikh during an energy symposium in Islamabad on May 22, 2024. – APP.Govt to boost
Federal Minister for Petroleum Musadik Masood Malik receives a book from Foreign Investors Chamber of Commerce and Industry President Rehan Shaikh during an energy symposium in Islamabad on May 22, 2024. – APP
ISLAMABAD: Petroleum Minister Musadik Masood Malik on Wednesday said the government will enhance local production of petroleum products, including gas and crude oil.
At an energy symposium, he said the government has blocked tenders and is actively trying to attract global players to exploration activities. He said Pakistan is open for business and committed to fully digitizing the regulatory process to increase transparency.Govt to boost
Malik highlighted the importance of the TAPI gas pipeline project, which he said would provide cheaper gas. He reaffirmed the government’s commitment to ensuring uninterrupted and affordable energy supply, recognizing it as a top priority. He said Pakistan currently spends more than $18 billion a year on energy imports.Govt to boost
The minister assured attendees that the government is accelerating oil and gas exploration within the country and welcomes foreign companies to invest in this sector. He said investment processes and information on oil and gas exploration have been digitized and simplified to facilitate this.Govt to boost
To reduce electricity tariffs, the government is working on several proposals, he said. By supplying local gas to efficient power plants, the cost of electricity could be reduced to Rs 12 per unit, compared to Rs 24 per unit when using LNG.Govt to boost
He said Pakistan has proposed to European countries the idea of purchasing LNG from Turkmenistan, which would provide energy security to Europe. He explained that a gas pipeline will be built from Turkmenistan to Pakistan, from where the gas will be transported to Europe by train. He said a policy for shale gas and tight gas had been finalized.Govt to boost
He acknowledged the high theft and losses in the gas sector, particularly in Balochistan, where gas losses have increased in Sui-Southern. To combat urban gas theft, modern systems are being implemented, including comprehensive monitoring of the gas network through technology.
He advocated for greater utilization of Pakistan’s abundant renewable energy resources, especially as the country’s solar energy costs have dropped significantly. He said multiple policies have been formulated to boost local production after a long period.
Regarding the TAPI framework, he said the funding for the project would be provided jointly by Pakistan and Turkmenistan. He highlighted Turkmenistan’s vast gas reserves and its limited market, mainly China, and proposed that European countries buy LNG from Turkmenistan to improve their energy security.