ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet has approved granting of Development and Production Lease (D&PL) over Fazil Discovery (Mubarik Block) to United Energy Pakistan (UEP) Beta for a period of five years with effect from June 8, 2022.
Federal Minister for Finance and Revenue Ishaq Dar presided over the meeting of ECC.
The approval comes in light of the ever growing energy demand in the country. Pakistan is currently facing energy shortage due to expanding population, natural depletion of major oil and gas fields, increase in demand and dearth of new big discoveries and economic growth.
Sources said that the petroleum division is taking measures, which includes the grant of D&DL on a fast track basis where various exploration and development activities are underway.
The leases are granted to ensure the smooth running of development operations and to enable the petroleum right holders to carry out their efforts for producing hydrocarbon reserves in the lease area.
Petroleum division has received an application from UEP Beta gmbH for approval of the government for Declaration of Commericality (DOC), Field Development Plan (FDL) and grant of a D&PL over Fazil discovery.
Sources said that UEP Beta has estimated 28 to 5 GIIP (bcf) reserves up and down side ranging from 4 to 9.8 area sq km.
The ECC also approved extension in renewal of Bhal Syedan Development and Production Lease (D&PL) covering an area of 16 sq km located in Attock disctrict of Punjab with effect from Januray 1, 2020 to April 10, 2024 in favour of Oil and Gas Development Company (OGDCL).
The forum has also given approval to grant a five years renewal to Pariwali Development and Production Lease (D&PL) field covering an area of 122 sq km also located in the Attock disctrict with effect from July 1, 2022.Â
Furthermore, the ECC on another summary of Ministry of Petroleum granted five years renewal over Minwal Development and Production Lease (D&PL), covering an area of 19 sq kms located in district Chakwal of Punjab with effect from April 1, 2023.   Â
The ECC also approved Rs. 284.5 million Technical Supplementary Grants/Supplementary Grants in favour of Ministry of Interior for disbursement of amount as financial assistance to the Shuhada and injured persons of terrorism incident occurred in Peshawar on 31st January, 2023, in which 84 persons embraced martyrdom and 233 persons were injured.
Other approvals
The chair also approved Rs 67 million in favor of Ministry of National Health Services, Regulations and Coordination as a rupee cover for USD 0.4 million committed by the World Bank to utilize IDA loan under “Pandemic Response Effectiveness in Pakistan (PREP)” initiative for financial year 2022-23.
Technical Supplementary Grant (TSG) worth Rs 61 million in favor of Ministry of Law and Justice for Federal Shariah Court to meet the shortfall being faced by FSC in current Financial Year 2022-23 and Rs 500 million in favour of Ministry of Poverty Alleviation & Social Safety for Benazir Income Support Program (BISP) Nashonuma project was also approved.
