ISLAMABAD: Terming the objections raised by Transparency International regarding Liquefied Natural Gas (LNG) import project as frivolous, minister for petroleum & natural resources Shahid Khaqqan Abbasi said Friday vested interests of oil supplier were causing hurdles in the way of bringing LNG to the country.
“Complete transparency is being ensured in the process of LNG supply project and certain vested interests including the Transparency International Pakistan are raising illogical objections,” Shahid Khaqqan Abbasi asserted. He also said that Transparency International should carry out introspection and uphold transparency within itself.
Shahid also told the media persons in a signing ceremony of petroleum exploration licenses and concession agreements held in the premises of ministry of petroleum & natural resources on Friday that the federal cabinet would give final approval for fast-tracking of the liquefied natural gas (LNG) services agreement with Engro Vopak Terminal Limited (EVTL) in next meeting while LNG would be brought to the country by the end of this year in a complete transparent manner. He also said that oil and gas production would increase with new licenses. At present, drilling work in on full swing in 72 wells while oil and gas has been discovered in 20 wells. And, daily domestic oil production has reached a record level of 93605 barrel per day, he added.
The ministry signed 15 more Petroleum Concession Agreement (PCAs) and Exploration Licenses with the Oil and Gas Development Company Limited (OGDCL) for exploring 15 blocks in Khyber Pakhtunkhwa, Blaochistan and Punjab provinces of the country. The ELs and PCAs were signed by Abid Saeed, Secretary Petroleum and Natural Resources, Saeedullah Shah, Director General Petroleum Concessions, Riaz Khan, Managing Director, OGDCL and Directors from the provinces of Balochistan and Punjab.
The public sector entity-OGDCL- would invest $40million within three years for the purpose of discovery of oil and gas resources. And, apart from minimum work commitment, the OGDCL is obligated to spend a minimum of $30,000/year in each block on social welfare schemes.
These blocks included Blocks No. 2564-2 (Parkini Block-A), 2763-5 (South Kharan), 2764-3 (Palantak), 2564-5 (Rasmalan West), 2865-3 (Kharan-3), 2561-1 (Gwadar), 3169-2 (Zhob), 2566-5 (Bela North), 2764-2 (Rakhshan), 3066-5 (Bostan), 2866-3 (Khuzdar North), 3370-14 (Tirah), 3171-3 (Khiu), 3273-4, 3070-17 (Layyah) and (Warnali) 3273-4.
The total area of aforesaid blocks is 32357 Sq. Km and minimum firm work commitment is US $ 39.19 Million.
Parkini Block-A block is located in Awaran and Kech districts of Balochistan, South Kharan block in Kharan district of Balochistan, Palantak block in Kharan and Panjgur districts of Balochistan, Rasmalan West block in Awaran and Pasni districts of Balochistan, Kharan-3 in Kharan and Nushki districts of Balochistan, Gwadar Gawadar, Pasni & Kech districts of Balochistan, Zhob block in Zhob, Musakhel districts of Balochistan and in Fata, Bela North clock in Khuzdar, Awaran and Lasbela districts of Balochistan, Rakhshan block in Kharan district of Balochistan, Bostan block in Ziarat, Pishin, Killa Abdulla and Quetta districts of Balochistan, Khuzdar North block in Khuzdar district of Balochistan, Tirah block in Khyber, Khurram and Orakzai Agencies of Fata, Khiu block in Bhakkar and Khushab districts of Punjab, Layyah block in DG Khan and Muzaffargarh districts of Punjab, Warnali block in Chakwal, Jhelum and Rawalpindi districts of Punjab.
KARACHI: Following the news of proposed hike in Capital Gain Tax (CGT) on short term holding to be ...