The federal ministry for energy has officially granted licenses for the exploration of oil and gas in Punjab and Balochistan.
According to details, federal energy minister Hammad Azhar issued the licenses for the exploration of two wells in Attock and Loralai.
Addressing a press conference, the Minister said that the discovery of large oil and gas reserves will help the country save billions of dollars on the petroleum import bill.
He further added that the energy ministry will spend $30,000 per annum for the betterment of the people of the areas where the wells will be discovered.
The minister revealed that they have accelerated efforts to discover more natural resources on the special directives of Prime Minister Imran Khan.
In this regard, the ministry is set to issue offshore licenses for the exploration of oil and gas in the littoral territory of the country within the next few months.
While the ministry is working to set up new terminals for imported LNG cargoes, it is also making efforts to discover indigenous resources as soon as possible to decrease reliance on imported LNG.
Besides, the energy ministry has also finalized the gas load management plan for the upcoming winter season.
Under the new management plan, the power, export, and fertilizer sectors and domestic consumers will receive an uninterrupted gas supply during the winters.
While domestic consumers will be supplied indigenous gas which accounts for 70% of the total gas in the country, the needs of the power, export, and fertilizer sectors will be met by imported LNG.