More Blocks Being Explored To Reduce Petroleum Import Bill: Sarwar Khan

Minister for Petroleum Guhlam Sarwar Khan Tuesday underlining the need for more exploration of indigenous reservoirs of oil and gas and their production said the incumbent government would introduce more blocks to control import bill of the country

ISLAMABAD, (UrduPoint / Pakistan Point News - 11th Dec, 2018 ) :Minister for Petroleum Guhlam Sarwar Khan Tuesday underlining the need for more exploration of indigenous reservoirs of oil and gas and their production said the incumbent government would introduce more blocks to control import bill of the country.

"Our country needs sustained growth of indigenous petroleum reserves and indigenous supplies to control the huge import bill," the minister said this here while inaugurating the annual technical conference "Challenges and strategies to sustain E&P growth." He said government was in process of introducing more petroleum exploration blocks to increase indigenous production and reduce huge import bill.

The event is being organized every year by Pakistan Association of Petroleum Geoscientists and Society of Petroleum Engineers (SPE) Pakistan, with the support and active participation of oil and gas professionals and Exploration and Production (E&P) businesses operating in Pakistan.

He said the theme of the conference rightly addressed the prevailing energy challenges facing the country adding that this conference highlighted the investment opportunities for international local businesses. "We are encouraged to see that companies participated and offered winning bids for the blocks in exploration bid round that took place last month," he remarked.

"This shows the trust of investors and their interest in future exploration licensing rounds", he added.

He appreciated the efforts of organizers and participants and encouraged them to continue to discuss the challenges and the means and tools of sustaining exploration and production activities and ensure indigenous supplies of oil and gas continues.

Secretary Petroleum Mian Asad Haya ud Din said the gathering of geologists, geophysicists and petroleum engineers was always inspirational and motivating because they offered strategies and share innovative ways of finding and enhancing new petroleum reserves and production in the country.

Pakistan was bestowed with huge shale gas and conventional oil and gas resources, locked up in areas of difficult access, he said.

The secretary said, "We need high level of commitment, technology and financial resources to find and develop these natural resources. Only way to make this happen is that all stakeholders including public sector companies, private IOCs, GOP organizations all work together as a synchronized and efficient team." Dr Nadeem Ahmad, Chairman PAPG and Technical Committee, said "New value" is created only through "Exploration" which is the starting point of "petroleum value chain." Organic growth costs 2 to 4 times less than buying reserves or importing oil and gas.

Dr Nadeem said the exploration-based growth would help save the foreign exchange, support other businesses and generate economic activities, besides it spared funds to spend on unproven high-risk high-reward opportunities in under-explored remote regions.

Over 40 oil and gas and related businesses and more than 1500 delegates from Pakistan and abroad are participating.