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Govt decides revival of 11 petroleum exploration licenses to enhance oil, gas production

ISLAMABAD: Federal government approved the revival of 11 revoked licenses allegedly for expansion of production activities of petroleum gas in countries to meet growing energy needs of a country.

According to sources, the federal government approved framework for revival of 11 revoked licenses of three exploration and production (E&P) companies through out of court settlement and with effect to that decision will be about $100 million worth of investments in 11 exploration blocks after recovery of these licenses national Treasury will receive approximately $5 million within next three months. Will available job offers for more than 5000 people with in start of oil and gas exploration activities in said 11 blocks, the sources said.

They added this foreign minister Bilawal Bhutto Zardari and minister for Trade Syed Navid Qamar played main role for revival of 11 Revoked Oil Exploration Licenses During Recent Meeting of federal office.

” government It has restored five licenses of Dewan Petroleum, five licenses of Pakistan Exploration Limited (PEL) and one license of An oil and gas investment company,” the sources said.

Sources said that the Petroleum Department, in at a recent cabinet meeting, it was reported that government granted exclusive oil exploration licenses for initial period of five years through a competitive bidding process. However, the licenses were withdrawn mainly because the companies failed make a commitment work programs on time and not completed financial commitment to achieve the goal of social welfare, training, rent and production bonus.

According to the sources, and framework for revival of revoked licenses through out-of- the court settlement was previously sent to the Economic Coordinating Committee (ECC) of cabinet for review and approval. And, having received ECC approval, the Petroleum Division requested a new approval. of in prime minister How minister in blame of Oil department for subordination of summary to the office, and later, framework was introduced to the office for its review and approval.

It is pertinent to note that Pakistanis bear the brunt of skyrocketing prices of oil products and power rate for for a long time during the revival, licenses were revoked of 11 exploration blocks to boost upstream activities in a country. And, increase in exploration and production is important as long as it is useful for a meeting future energy requirement of a country.

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Sandra Loyd
Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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