Govt to enhance oil, gas exploration activities through investment friendly policies: PM

ISLAMABAD: Prime Minister Muhammad Nawaz Sharif said on Tuesday the government was making all out efforts to enhance oil and gas exploration activities in the country through investment friendly policies.

He said the government believed in providing level playing field to all foreign investors and oil and gas companies, and assured protection of their investments.

The Prime Minister was talking to Alexander Dodde, Executive Vice President, MOL, who called on him here. Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi was also present.

He said Pakistan had a vast onshore and offshore sedimentary area, out of which only around 35 per cent was under exploration.

He also appreciated professionalism and expertise of MOL and the important role it had been playing in this region for the last 15 years in the development of petroleum and gas sector of Pakistan.

The MOL management in Pakistan deserved applauds for their role in smooth operations of the company, the Prime Minister said, adding that it needed to explore more investment opportunities in oil and gas sector.

He encouraged MOL to acquire new blocks independently or jointly with Pakistan’s state owned companies i.e. Oil and Gas Development Company Limited (GDCL) and Pakistan Petroleum Limited (PPL) through competitive bidding process or joint ventures.

Alexander expressed confidence in the government’s economic policies and appreciated its efforts to boost energy sector.