PM Shehbaz Secures $5 Billion Investment in Pakistan’s Petroleum and Gas Sector

Islamabad: For a major boost to Pakistan’s energy sector, petroleum and gas exploration and production companies have announced a $5 billion investment over the next three years.

The announcement came during a meeting between a delegation of these companies and Prime Minister Shehbaz Sharif. Key government figures, including Foreign Minister Ishaq Dar, Federal Ministers Ahad Khan Cheema, Muhammad Aurangzeb, Mohsin Naqvi, Engineer Amir Muqam, Ahsan Iqbal, Sardar Owais Khan Laghari, Governor State Bank Jameel Ahmed, Deputy Chairman Planning Commission Jahanzeb Khan, PM’s Coordinator Rana Ehsan Afzal, and FBR Chairman Amjad Zubair Towana, were in attendance.

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The delegation expressed their confidence in PM Shehbaz Sharif’s leadership, highlighting his serious attention to the sector. They announced plans to conduct drilling at 240 sites across Pakistan, aiming to enhance local petroleum and gas reserves.

Prime Minister Shehbaz Sharif invited companies to explore offshore reserves and established a committee headed by Ishaq Dar to address sectoral issues and streamline policies. This committee will include relevant officials, secretaries, and experts to compile comprehensive strategies.

“Our first priority is to discover local oil and gas reserves,” stated PM Shehbaz Sharif. “Pakistan spends billions on imports annually. Local production will save foreign exchange and reduce costs for the common man.”

The meeting underscored that the government’s business-friendly policies and the Prime Minister’s dedication to resolving sectoral challenges have encouraged this substantial investment. Currently, Pakistan’s domestic petroleum production stands at 70,998 barrels per day, with a gas output of 3,131 MMSCFD.

Governor State Bank Jameel Ahmed assured that remittances for the profits of these companies have been sent abroad as per the Prime Minister’s directives. PM Shehbaz also instructed relevant authorities to promptly address all sectoral issues and present policy proposals to the newly formed committee.

This landmark investment is poised to significantly bolster Pakistan’s economy by increasing local oil and gas production.