Key decisions made to improve exploration, production sector

Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar on Monday chaired the Exploration and Production Committee constituted by the Prime Minister to prepare a comprehensive action plan to address the challenges facing the Exploration and Production (E&P) sector in Pakistan. Presided over the fifth meeting of the committee. On the discussions of the previous meetings, several important decisions were taken to improve the outlook of the sector. The committee reached a long-awaited agreement in principleThe framework was presented to the Executive Committee of the National Economic Council (ECNEC) for sale of 35 % of unallocated gas volume to third party buyers. The framework includes a 100 million standard cubic feet per day (mmscfd) cap for the first year, followed by annual reviews. In another important move, the committee decided to open a bidding round. Available for onshore exploration blocks till December 2024. The last date for submission of bids is fixed as 15 March 2025. At the same time, a separate bidding process will be launched for offshore exploration blocks, giving potential bidders a six-month period to evaluate it. Offer blocks and place your bids by June 30, 2024. The Committee was also updated about the ongoing digitization efforts of the Directorate General of Petroleum Concessions (DGPC).