ISLAMABAD: Oil and gas exploration companies operating in different parts of the country made 73 discoveries after 271 drills in the last three years.
According to official sources in the Ministry of Petroleum and Natural Resources, exploration companies have spudded 271 wells and made 73 oil and gas discoveries since June 5, 2013. The government was taking solid measures to meet the country’s growing energy need, for which it had enhanced monitoring of Exploration and Production (E&P) activities besides acquiring 17,864 LKm of 2D and 14,233 Sq km of 3D seismic survey to identify new prospects.
The sources informed that during the above mentioned period, 46 new exploration licences, covering an area of 94,608.85 Sq km, had been awarded to accelerate exploration activities in the country.
The ministry’s drive against non-performing oil and gas exploration companies was continuing and it had recently issued notices to 12 more inactive licence-holders for their failure to start exploration work as per agreement, the sources disclosed. “More inactive licences will be revoked shortly after completing all formalities,” they added. The government was making all-out efforts to pave way for exploration of unconventional resources like “Tight Gas”, Shale as and Low BTU gas etc.
They said, other measures to minimize the gas shortfall included import of Liquefied Natural Gas (LNG), projects to import gas through pipelines from Iran and Turkmenistan besides promotion of LPG air mix.
The ministry is facilitating oil and gas companies with incentives under the Petroleum Policy-2012 to expedite exploration activities, the sources concluded.
