Dr. Asim Hussain, Minister/Advisor to the Prime Minister on Petroleum & Natural Resources, has stressed upon the Exploration & Production Companies operating in Pakistan to support the Petroleum Institute of Pakistan (PIP) and to help develop it into a think-tank for policy initiatives for the Oil & Gas sector.
He said this while chairing the Seminar titled “Pakistan’s Potential in Oil & Gas Sector” organized by PIP here in OGDC House, Islamabad today.
Dr. Asim Hussain said that Pakistan offers great potential in the Oil & Gas sector and the Government is doing its part by introducing new policies to meet the rising energy demand.
He assured full cooperation and facilitation to all investors who wished to invest in the country’s oil & gas sector. He further said that the Government is also working on Tight Gas, Low BTU Gas, Shale Gas, Marginal Gases, Flared Gas and Stranded Gas policies in order to tap the available resources for the benefit of the country.
Outlining the achievements of the present Government / Ministry of Petroleum, Dr. Asim Hussain informed that 1.6 million consumers were given gas connections at a cost of Rs. 10.41 billion while 879 km of transmission lines and 39,707 km of distribution and service lines were added to gas network with an investment of Rs. 61.164 billion during the last four and half years of the present government. As a result of efforts being made, 750 MMCFD gas is likely to be added in the system by June 2013, an increase of 20 per cent.
Minister / Advisor on Petroleum informed that the Ministry prepared National Mineral Policy 2012 to meet the challenges of large scale mining and enhance international competitiveness. It was stated that the country imported oil to the tune of Rs. 15 billion dollars which constituted 36 per centt of the overall import bill of the country. Besides, the value of the gas produced in the country is 4.3 billion dollars and oil produced in the country is 2.4 billion dollars.
Topics of the PIP seminar, covered by senior industry officials and Government Officers, included Policy Reforms, Pakistan Business Relationships with Iran and Turkmenistan, Achievements of the E&P Sector, Synthetic Natural Gas (SNG) to Counter Natural Gas Crises and Future Outlook of LNG in Pakistan.
In his closing address Chairman PIP Mr. Asim Murtaza Khan, informed that PIP would conduct a series of seminars in the next couple of months on topics of “Shale Gas potential in Pakistan”, “Fast Tracking LNG Imports” and “LPG Outlook in Pakistan”.
The Petroleum Institute of Pakistan (PIP), which represents all segments of the petroleum industry, was established in July 1963 for the purpose of promoting and coordinating the activities of oil and gas sector in Pakistan. Currently the institute consists of 25 industrial collective members and is administered by a board of directors.
Broadly the objectives of the institute are to engage in activities for promoting the long term development of the oil & gas sector in Pakistan.
This includes forecasting the energy demand and supply position of the country over a 15-year period, which the institute undertakes through its “Pakistan Energy Outlook” document showcasing the energy scene of the country and suggesting solutions for its energy issues. PIP is a country member of International Gas Union and World Petroleum Council.
