ISLAMABAD: Major Relief to the Petroleum sector for new Oil Reservesdiscovery in Pakistan.
The federal government has approved the policy amendments for the discoveryof oil reserves which provide a major relief to the investment companies inthe petroleum sector.
The federal government under the leadership of Prime Minister Imran Khancontinues its steps for creating ease of doing businesses as the investmentcompanies in the petroleum sector get big relief after the approval ofpolicy amendments.
The policy amendments recommended by the PM’s Task Force on Energy wereapproved by the federal authorities which end authoritative pressure on thecompanies for not complying the deadline of the development work.
Under the new law, a company can get a two-year extension in work licenceby filing a formal request to the government for the continuation of thediscovery of oil reserves.
Moreover, the companies that received 25-year lease were also benefitted byallowing them to acquire a further five-year extension in its contracts.The decision was taken in view of increasing commercial production and thecontinuity of the discovery of oil reserves in the country.
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Earlier in October last year, Federal Minister for Economic Affairs, HammadAzhar link hadexpressed resolve to further improve Pakistan’s ranking on the ease ofdoing business index.
Azhar in a tweet revealed how Pakistan had suffered a steep fall during theprevious government’s tenure falling 26 ranks on the index.
The tweet read: “During PMLN’s 5 years, Pakistan’s ease of doing businessranking took a steep fall from 110 to 136. During PTI’s first year, wereversed all that damage and recovered to 108. With many more measuresunderway we expect further improvements in next years ranking too IA.”
