Speakers call for the removal of bottlenecks in promoting the oil and gas sectors

Speakers at the conference, while stressing the importance of deregulation of the oil sector, on Wednesday stressed the need to remove bottlenecks in promoting the oil and gas sectors in the country.

They were of the view that all stakeholders, government and regulatory bodies should come together to formulate and formulate a concrete strategy in the larger national interest of the country.

Oil and Gas Conference Pakistan (OGCP-2024), organized by Energy Update in collaboration with Ministry of Energy (Oil Division) and Oil and Gas Regulatory Authority (OGRA).

Addressing the occasion, Oil and Gas Regulatory Authority (OGRA) Chairman Masroor Khan said that OGRA provides facilities to the industry through the OGRA regulatory framework. He added that OGRA also helps the industry deal with emerging challenges.

He said there are 180 terminals in the country and 20 days’ supplies available.

He added that the regulator has also received several applications for the establishment of CNG gas stations.

The Chairman said that there are currently two LNG terminals and the construction of three additional terminals is underway, and 10 more applications for the establishment of virtual LNG terminals have been received.

He said that currently the share of LPG in the energy mix is ​​1.3%. with a consumption of 5,000 tons per day.

However, he said the share of LPG is likely to reach 6-8 per cent in the next seven to eight years with daily consumption in the country standing at 10,000 tonnes. The President said that the country has huge investment opportunities in the field of storage, transportation and standard LPG cylinders, adding that the authorities are ready to provide investors with full cooperation in this regard.

Speaking on the occasion, former Prime Minister Shahid Khaqan Abbasi said that the country’s energy sector has huge potential.

Due to gas depletion, the use of LPG has increased, requiring major efforts to address the issues on a priority basis.

Abbasi said the government decided to deregulate the oil sector in 2018 but has not yet done so. The oil sector around the world has been deregulated, but in Pakistan it has been partially deregulated, he said.

“Let the private sector take over the oil sector,” he added.

MD Attock Refinery Limited Adil Khattak urged stringent measures to check crude oil smuggling as it has caused huge losses to the national exchequer.