Petroleum Division identifies 40 new blocks to step up E&P activities

 

 Making a true calculation of the country’s existing and future energy needs, the Petroleum Division has aligned its strategy to achieve self-sufficiency in oil and gas sector by introducing ease-of-doing-business and radical measures to ensure a level-playing field for all competitors.

“As many as 40 new blocks have been identified in different parts of the country to step up oil and gas exploration activities as the existing reservoirs are fast-depleting and since long there is no major discovery,” a senior official privy to petroleum sector developments told APP while sharing two-year performance of the Pakistan Tehreek-e-Insaf (PTI) government.

The new blocks would be awarded in a transparent manner through an international bidding, for which necessary work was in process, he said. In September 2018, he said, following the PTI government’s coming into power, a bidding round of 10 onshore exploration blocks was conducted, which was held after a gap of almost five years, wherein eight blocks were awarded.