Caretaker Govt set to auction 24 offshore oil and gas exploration blocks

ISLAMABAD: The caretaker government is all set to auction 24 offshore oil and gas exploration blocks on November 30, 2023, ostensibly in order to strengthen and ensure country’s energy security.

This was stated by the caretaker Energy Minister Muhammad Ali while addressing the annual technical conference (ATC) of petroleum in Islamabad. He said that 24 offshore oil and gas exploration blocks, for the first time in the country's history, would be auctioned in the country. And, in the first phase, 10 offshore blocks will be auctioned by the end of this month. He said there are possibilities of finding large oil and gas reserves in the offshore. More measures are being taken to speed up the country's energy security, Muhammad Ali, caretaker energy minister.

Muhammad Ali also said that many foreign E&P companies left the country in the past due to non-payment of dues due to circular debt. However, now the work on oil and gas exploration is being accelerated again.

We are taking measures to increase the security of oil and gas exploration companies, said caretaker energy minister.

 Talking about the ongoing talks between Pakistan and IMF, energy minister said that there were very positive talks with the IMF on the energy sector. He said that the IMF targets for the current fiscal year regarding the energy sector have been achieved as all targets of the energy sector have so far been implemented for the first quarter of the current financial year.