ISLAMABAD - Cabinet Committee on Energy (CCoE) on Friday constituted a committee to review Petroleum Policy for enhancing exploration and production activity in oil and gas sectors.

The CCOE, which met under Federal Minister for Planning, Development, & Special Initiatives Asad Umar, has formed a committee headed by Federal Minister for Energy Hammad Azhar to review the oil and gas exploration status and analyze the amendments required in the Petroleum Policy to enhance the E&P activity in the country.

The meeting was attended by Minister for Energy, Federal Minister for Science &Technology Shibli Faraz, Member Energy, Secretary Power & Secretary Petroleum Division. The meeting was informed that the local production is depleting and there had been no major discovery of oil and gas in the country. The petroleum division said that indigenous gas production was depleting over 6pc annually. The meeting was further informed that countries around the world import around 6pc to fill the demand supply gap but due to no injection of fresh gas from new field Pakistan is meeting around 24pc of demand through imported gas. The meeting also discussed the Draft Model Petroleum Sharing Agreement as per the Pakistan Petroleum Exploration and Production 2012 which was approved by CCI.

The draft agreement will facilitate the offshore exploration of oil and gas in the country. The Law Division was asked to review the draft agreement before approval. The CCOE also reviewed the circular debt situation and power sector performance during January 2022.