Islamabad: Deputy Prime Minister Ishaq Dar chaired the fifth session of a committee tasked with addressing the challenges faced by Pakistan’s exploration and production sector. The meeting, held under the directive of the Prime Minister, aimed to develop a comprehensive action plan for the sector.

According to Ministry of Information and Broadcasting, the committee reached an in-principle agreement to submit a framework to the Executive Committee of the National Economic Council. This framework involves the sale of 35% of unallocated gas volumes to third-party buyers, marking a significant step toward reforming the gas sector.

The committee also decided to initiate a bidding round for onshore exploration blocks by next month, reflecting efforts to boost domestic energy production. Updates on the digitization of the Directorate General of Petroleum Concessions were provided, highlighting a competitive process underway to enhance operational efficiency through digital transformation.

Discussions included a proposal to revise gas sale prices on a monthly or quarterly basis. The committee asked the Petroleum Division to conduct further analysis and resubmit the proposal at the next meeting. Additionally, security challenges for exploration and production companies were discussed, with an emphasis on the importance of providing robust security to attract investment and ensure energy security in Pakistan.