ISLAMABAD: Pakistan existing oil reserves will see an end only after 10years while gas reserves are to witness an end after passing 13 years ifthe current ratio of their respective demand is continued.

This shocking disclosure was made by the officials of petroleum divisionduring a meeting of Senate Standing Committee on Petroleum, which was heldhere at the Parliament House under the chair of Senator Mohsin Aziz. Themeeting was attended by Senators including Lt. (r) Salah ud Din Tirmizi,Shamim Afridi, Saleem Zia, Fida Muhammad, Dr Jahanzaib Jamaldini, BeharmandTangi and other officials including secretary petroleum, PSO Managingdirectors, SNGPL, and SSGCL etc were also in attendance.

Thursday’s meeting of the Senate panel was held to discuss in detail andanalyse the work strategy, responsibilities, performance, and budgetproblems being faced by the subordinate bodies of the petroleum ministryincluding corporations, companies and organisations etc. The meeting alsotook up the recommendations of a Senate special committee forimplementation regarding GIDC (Gas Infrastructure and DevelopmentCess) and matters related to LNG supply agreement, LNG terminals, LNGsupply/import, its use and wasted capacity of the terminals etc. Also, themeeting sought complete details of records pertaining to government’s LNGsupply/import agreement with Qatar and with terminal authorities.

Senate Standing Committee on Petroleum was informed that around 0.5 millionconsumers were being added annually to the existing number of 8.8 millionof gas consumers in the country. It was informed that with diminishingdomestic production, LNG requirement which currently stands at 1000 MMCFDwas projected to reach 3600 MMCFD by 2030. It was also informed that gasconsumers have paid more than Rs45 billion on account of terminal capacitycharges from the year 2015 till date.