New licenses for gas exploration greeted

Karachi: The Chairman All Pakistan Textile Mills Association (APTMA) Yasin Siddik has hailed the government’s decision to award 50 licences for exploration of oil and gas to eight local and two foreign firms having minimum investment commitment of $371 million.

In a statement he said that after a long time the government has taken a right action in right direction as it shows the seriousness of the government towards resolving the chronic issue of energy crisis.

Yasin said that the industry is longing for the serious efforts in overcoming the energy crisis which is continuing for the last many years because of previous governments’ pathetic attitude. He expressed his hopes for some serious and concrete steps would be taken in order to generate long-term resources of oil and gas that are in abundance in Sindh, Balochistan, Punjab and elsewhere. He emphasized the exploration of oil and gas reserves from the indigenous sources instead of going for difficult and expensive options.

He said that it’s good to know that ministry has awarded 21 of the new exploration blocks in Balochistan, 15 in Punjab, eight in Khyber Pakhtunkhwa and six in Sindh and if work started henceforth, it would definitely yield the positive results.

He appreciated the efforts of the Minister of Petroleum and Natural Resources, Shahid Khaqan Abbasi and Prime Minister, Nawaz Sharif for making serious efforts towards rescuing dwindling economy. He said that in earlier efforts initiated the plan to reduce Unaccounted for Gas (UfG) losses from 11 percent to 7 percent and increasing local gas production by 7 percent or by 315 Million Cubic Feet per Day (MMCFD) by end December 2014.

Yasin said that if implemented in letter and spirit both the plans would greatly help in overcoming ongoing gas crisis in the country and industrial sector would have some respite in gas and electricity shortage. He said that Pakistan’s industry would support any serious move by the government to end energy crisis.

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