Islamabad, The Government of Pakistan has secured an investment commitment of $33.3 million from oil and gas exploration companies for development in eight blocks over the next three years. This agreement, signed today in Islamabad, signals a significant boost to the country’s energy sector.

According to Ministry of Information and Broadcasting, for blocks where discoveries have already been made, these companies are prepared to invest several hundred million dollars to develop production capabilities. Additionally, the companies have committed to spending a minimum of $30,000 annually on social welfare schemes in each block’s respective area, demonstrating a commitment to community development alongside industrial growth.

Minister for Petroleum Muhammad Ali, present at the signing ceremony, expressed optimism about the agreement’s impact. He stated that these efforts are expected to yield substantial hydrocarbon reserves in the coming years. The Minister emphasized that the execution of the Exploration Licences and Petroleum Concession Agreements is crucial not only for enhancing investment in the petroleum sector but also for addressing the energy demand and supply gap in Pakistan.

This investment marks a pivotal step in Pakistan’s efforts to bolster its energy resources and underscores the government’s commitment to fostering sustainable development in the petroleum sector.