ISLAMABAD: Federal Minister for Petroleum and Natural Resources, Shahid Khaqan Abbasi Saturday said investment in the oil and gas sector of the country was on the rise.
Talking to a private television channel, he said it was a good sign that a number of new companies were also aspiring to invest in the energy sector.
He said that Pakistan would get 1.325 billion cubic feet gas per year from the Turkmenistan-Afghanistan-Pakistan-India (TAPI) pipeline project. It would receive $500 million royalty from India and pay the same to Afghanistan. A third independent party would establish this project, he added.
The minister said the pipeline project costing $10 billion would be purely financed by independent financiers.
He said that Turkmenistan, which would supply gas, wanted a consortium of companies to develop the gas field in its territory for the project. The companies already working in Turkmenistan would also join the consortium, he added.
Khaqan Abbasi said gas received through the TAPI project would be cheaper.
The minister said despite efforts, the Liquified Natural Gas (LNG) terminal could not be established by the previous governments but the present one set up government established it in record time. Some 200 mmcfd LNG had been imported. The country, he said, would save $1 billion by using alternate energy.
He said there was a need to make gas discoveries in the country and the present government was making efforts to meet consumers’ demand.
“We need to address security issues and increase domestic exploration,” he added.
Abbasi said, “We need to introduce rational and stable policies then we can we expect more investment in the energy sector.”
He said work would soon start on an ultra deep well in the Indian Ocean.
