Islamabad: Prime Minister Shehbaz Sharif has established a committee chaired by Deputy Prime Minister Ishaq Dar to develop an appealing policy for oil and gas exploration in Pakistan. This move aims to enhance the country’s self-reliance in energy resources by maximizing domestic production, which could lead to lower costs and save foreign exchange.

According to Ministry of Information and Broadcasting, the decision followed a meeting with representatives from petroleum and gas exploration and production companies. During this meeting, The Prime Minister emphasized the strategic priority of tapping into domestic oil and gas reserves and encouraged the exploration of offshore areas. He highlighted the potential economic benefits of increased local production, such as reduced costs for consumers and decreased reliance on imported energy.

The committee will work closely with industry stakeholders to craft a policy that attracts investment and addresses sector-specific challenges. Additionally, petroleum companies have committed to investing five billion dollars in Pakistan over the next three years, planning to drill two hundred and forty sites to explore new resources. This significant investment underscores the industry’s confidence in Pakistan’s market and its future in energy production.