ISLAMABAD: Caretaker Prime Minister Anwaar-ul-Haq Kakar on Tuesday received a comprehensive briefing on the performance of the country’s Petroleum Division and its efforts to boost domestic oil and gas production.
The issue has gained tremendous significance within Pakistan’s economic landscape due to challenging circumstances that have triggered rapid currency depreciation and depleted forex reserves.
During the last fiscal year alone, Pakistan paid $23.3 billion, or 29 percent of the total imports, for oil and gas to ensure the smooth functioning of the national economy.
The government has come up with various innovative plans to reduce energy imports to save precious foreign reserves.
“The Petroleum Division is working on a program to increase oil and gas production in the country,” said an official statement released after the briefing. “It is also trying to explore more natural resources in the country.”
During the briefing, the prime minister was told that pipeline projects to transport oil and gas from various reservoirs had been prioritized.
Addressing the gathering, he emphasized taking all necessary measures to utilize the potential of Pakistan’s natural resources.
“All legal requirements must be completed for the early appointment of the head of the Oil and Gas Development Authority,” Kakar said.
Pakistan is also striving to set up new oil refineries and improve the performance of the existing ones to process crude oil and produce cleaner fuel at a reduced cost to limit its import bill.
