Prime Minister chairs high-level meeting on petroleum sector reforms

By Naveed Siddiqui
ISLAMABAD: Under the leadership of Prime Minister Muhammad Shahbaz Sharif, a significant meeting was convened here on Monday to address reforms in Pakistan’s petroleum sector. The meeting aimed to facilitate private and foreign investment, ensure uninterrupted energy supply during Ramadan, and prioritize the exploration of oil and gas reserves, both onshore and offshore. Prime Minister Sharif emphasized the government’s commitment to providing all necessary facilities to private and local investors, as well as foreign stakeholders, in the exploration, refining, and distribution of oil and gas. He particularly stressed the importance of safeguarding the interests of consumers, especially the economically vulnerable segments of society.
During the meeting, directives were issued to ensure uninterrupted electricity and gas supply to consumers during Ramadan, underscoring the government’s dedication to meeting the energy needs of its citizens. Highlighting the untapped potential in Pakistan’s maritime boundaries, Prime Minister Sharif expressed concern over the lack of initiatives to harness these resources effectively. He urged for swift action to capitalize on the vast reserves of oil and gas in these areas, which could significantly benefit the nation’s economy.
Moreover, Prime Minister Sharif directed the formulation of comprehensive action plans to expedite the discovery and utilization of Tight Gas and offshore oil reserves, encouraging international investment in these endeavors.
The meeting also addressed the issue of revolving loans in the petroleum and gas sectors, with Prime Minister Sharif ordering the development of priority-based action plans to eliminate such loans. Additionally, measures to combat theft in these sectors and reduce losses through smart metering were emphasized.
Furthermore, the Prime Minister underscored the importance of energy-efficient practices in industries and households, directing the installation of energy-efficient machinery and promoting the use of electricity over gas for domestic appliances.
The meeting concluded with directives to streamline the administrative structure of the energy sector, ensure merit-based appointments, and formulate short, medium, and long-term action plans for sectoral reforms.
Prime Minister Muhammad Shahbaz Sharif’s leadership in convening this high-level meeting underscores the government’s commitment to addressing challenges in the petroleum sector and promoting sustainable energy practices. The directives issued during the meeting are expected to pave the way for significant reforms and advancements in Pakistan’s energy landscape.