Petroleum Firms Announce $5 Billion Investment in Pakistan
Prime Minister Shehbaz Sharif stated that exploring local oil and gas reserves in Pakistan is a top priority.
A group of domestic and international petroleum and gas companies met with PM Sharif in Islamabad and announced a $5 billion investment in Pakistan over the next three years.
The prime minister has instructed authorities to prioritize resolving issues in the sector.
The companies expressed confidence in Sharif’s leadership and committed to the investment, appreciating his focus on the sector and efforts to address their concerns.
“Thank you for including us in the discussions, listening to our problems, and finding solutions,” they said.
During the meeting, it was announced that 240 drilling sites will be explored in the next three years. The PM invited companies to explore offshore reserves, emphasizing the importance of local exploration.
“Local exploration of oil and gas is our first priority,” he said, noting that Pakistan spends billions on importing oil and gas, and local production could save foreign exchange and make fuel more affordable for the public.
PM Sharif formed a committee led by Deputy Prime Minister Ishaq Dar to ensure smooth operations in the sector. This committee will develop policy proposals for oil and gas exploration and development.
The PM reiterated his commitment to addressing challenges in the petroleum and gas sector, aiming to boost local production and reduce dependency on imports.
