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ISLAMABAD: The Pakistani Government is set to put on auction 20 offshore blocks of oil and gas exploration in order to meet the country increasing energy demands, said by the Petroleum Minister Musadik Malik in a parliamentary meet on Wednesday.
Mr. Malik also said that the government is also accelerating efforts on onshore tight oil gas exploration. As the previous govt worst polices made the oil and gas exploration costly, so new rewards have been announced to attract companies The minister also stated that the horizontal drilling in tight oil gas exploration is not only expensive but also challenging, but the fact is that on some wells the work has already been started.
Mr. Malik presented the government strategy in a national assembly standing committee energy (petroleum division) session chaired by Syed Mustafa Mehmood on how to uncover new energy sources and cope with the ongoing energy crisis going in the country. It’s for the very first time that the government is putting the energy blocks on auction to attract both local and international companies.
During the discussion Malik also reported on the reduction in sector losses due to (TBS) installation a Town Border Stations to combat gas theft. An employee has been appointed to oversee all the stations and provide both the profit and loss of the companies. He also stated that supplying gas to captive power plants is also not feasible due to some hard restrictions from International Monetary Fund (IMF) and the cost of K-Electric are three times higher.
A representative from the Sui Southern Gas Company (SSGC) said that out of 4000 industrial units only 750 are captive on the SSGC company. Malik further noted that the audit of these captive plants have faced some legal issues with the court stays delaying the process.
Malik further stated that the SSGC is grappling with Rs45 billon in losses and the court orders are keeping the company in limit to collect monthly bills from the consumers.
The petroleum sector’s circular debt is nearing to Rs 3 trillion, Malik unveiled. He said that there is a sharp decline in gas supplies as the exploration companies are failing to make new discoveries. The standing committee reiterated the need for fair gas distribution and more Stricker monitoring to reduce the line losses. Future meetings will shed some light on Corporate Social Responsibility (CSR) initiatives and mechanisms by both private and public oil and gas exploration companies.
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Original source: https://www.thenews.com.pk/print/1222471-pakistan-to-auction-20-offshore-blocks-for-oil-gas-exploration
