Shocking disclosure: Pakistan's existing oil and Gas reserves to end after 10 years

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Shocking disclosure: Pakistan's existing oil and Gas reserves to end after 10 years

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

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

Thursday’s meeting of the Senate panel was held to discuss in detail and analyse the work strategy, responsibilities, performance, and budget problems being faced by the subordinate bodies of the petroleum ministry including corporations, companies and organisations etc. The meeting also took up the recommendations of a Senate special committee for implementation regarding GIDC (Gas Infrastructure and Development Cess) and matters related to LNG supply agreement, LNG terminals, LNG supply/import, its use and wasted capacity of the terminals etc. Also, the meeting sought complete details of records pertaining to government’s LNG supply/import agreement with Qatar and with terminal authorities.

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