ISLAMABAD: In a bid to overcome energy crisis, the Khyber Pakhtunkhwa government has speed up the efforts to explore oil and gas reservoirs in the province.
KP Oil and Gas Company limited (KPOGCL) Chief Executive Officer Raziuddin, while talking to APP, said that with the establishment of the company an atmosphere of investment opportunities and competition for fresh leases of exploration in the area has created.
Khyber Pakhtunkhwa owes about 10 trillion feet of gas and 600 million barrels of oil unexplored deposits.
The province, which was having very low per capita usage of commercial energy and power in the past, now has high end figures, he remarked. He said that after the inception of KPOGCL, the once totally discounted and forgotten geological zones have now become a cynosure for oil & gas exploration and production and hence several blocks have been taken now by various companies.
Raziuddin said that oil companies were now entering the province to explore and develop indigenous hydrocarbon resources of Khyber Pakhtunkhwa. It is evident from the fact that the number of exploratory and development wells were on peak in September 2014 – March 2015.
He said that in order to remain attractive in highly competitive global exploration market, Government of Khyber Pakhtunkhwa through KPOGCL making every possible effort to invite new players to the province, assist foreign and local E and P companies in their work, providing fool proof security cover in order to ensure the development of oil & gas resources of KP.
Raziuddin said previously the hostile regulatory environment for investment, lack of available investment, precarious security situation in the province and lack of political will were some of the reasons behind the poor performance of oil and gas sector in Khyber Pakhtunkhwa. He said that owing to the needs of the province the law & order situation in the province has been much improved and confidence level has increased for International companies, too.
The fear factor has reduced considerably, thus a number of E&P companies were now working in KP.
A number of companies have opened offices in Peshawar and even a greater number are contemplating and will open offices soon. The KPOGCL is a bridge between the exploration & production companies and service companies and government of Khyber Pakhtunkhwa and security agencies.
