ISLAMABAD – The Ministry of Petroleum and Natural Resources on Thursday signed 70 supplemental agreements for conversion to petroleum concessions agreements aimed at expediting oil and gas exploration activities in potential areas of Pakistan. Briefing journalists after the signing ceremony, Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi said as many as 70 agreements covering 94 leases have been executed, while remaining applications were also being reviewed and finalised on a fast track basis. He said that the successive petroleum policies 2001, 2007 and 2009 provided option to the existing license/lease holders for conversion of extra deals to the concessions agreements. “But no such supplemental agreements could be signed which created mistrust of investors in government policies resulting in adverse impact on investment for exploration of oil and gas,” he said. He said that Petroleum Exploration and Production Policy-2012, as amended in July 2013, also provided an incentive to existing licence/lease holders for the conversion. Abbasi said that the ministry had revoked 10 licences and leases of different companies for not initiating exploration and production, while show 11 show cause notices had been served to other companies. Petroleum Concessions Director General Saeedullah Shah said that the incentives announced in the Petroleum Policy-2012 were not being provided to the existing licence/lease holders. He said that the Model Supplemental Agreement had been finalised in consultation with all stakeholders including the petroleum sector as well as ministries of Finance and Law and Justice.