Islamabad, March 11, 2024 – In a significant move to harness Pakistan’s untapped natural resources, Prime Minister Shehbaz Sharif chaired a high-level meeting on Monday, highlighting the urgent need for undersea exploration to identify and utilize potential oil and gas reserves.
The Prime Minister expressed regret that despite the vast maritime area of Pakistan, comparable to the size of Balochistan province, insufficient efforts had been made to explore the hidden wealth beneath the ocean.
During the meeting, Prime Minister Shehbaz Sharif emphasized the importance of promoting global investment in the exploration of Tight Gas and undersea oil and gas reserves. He declared that the exploration and full utilization of undersea natural resources were among the top priorities of his government.
Addressing the energy challenges faced by the nation, the Prime Minister directed officials to ensure uninterrupted gas and power supply to consumers during the upcoming holy month of Ramadan. He further instructed the facilitation of private sector involvement, both local and foreign investors, in the exploration, refining, and distribution of gas and oil.
The meeting, attended by prominent figures including Senators Ishaq Dar and Dr. Musadik Malik, Sheza Fatima Khawaja, Ahad Khan Cheema, Jahanzeb Khan, Muhammad Aurangzeb, Ali Pervaiz Malik, and relevant senior officers, focused on formulating comprehensive strategies to enhance the country’s petroleum refining capacity and eliminate the circular debt plaguing the oil and gas sectors.
In a stern tone, Prime Minister Shehbaz Sharif emphasized the need to reduce losses in the gas sector through smart metering and to crack down on theft of gas and oil. He stated, “I will not allow any more wastage of the people’s hard-earned money and the loss to the national exchequer.”
The Prime Minister also urged strict monitoring of the LPG sector to ensure fair pricing for consumers and directed relevant authorities to ensure uninterrupted gas supply to the industrial sector. Additionally, he encouraged the use of energy-efficient machinery in industries and advocated for domestic consumers to prefer electricity over gas in their daily lives.
Highlighting the importance of energy conservation, Prime Minister Shehbaz Sharif sought an implementation report on previous tenures’ steps for energy conservation and called for uplifting the administrative infrastructure of the energy sector to meet international standards. He emphasized the merit-based appointment of capable individuals in the energy sector and requested short, mid, and long-term strategies for energy sector reforms.
The meeting included a presentation on the country’s oil and gas reserves, revealing a fast depletion rate and an annual export of petroleum products worth $4 billion. The participants were briefed on tight gas and undersea oil reserves, emphasizing foreign investors’ interest in the sector. Work on the LPG Policy 2024 was reported to be underway, with ongoing consultations with stakeholders.
Prime Minister Shehbaz Sharif concluded the meeting by instructing relevant authorities to prioritize the implementation of energy sector reforms and to present a strategy for the exploration of the country’s mineral resources and the enhancement of exports. The urgency of the situation was highlighted, emphasizing the potential savings of billions of dollars in foreign exchange through local exploration efforts.
