ISLAMABAD: Federal Minister for Power and Petroleum, Omar Ayub Khan onFriday said that the petroleum sub-sector will be offering huge oil and gasexploration opportunities of around 40 new sites for which auction will beconducted in the month of December 2019.
In a meeting with German Ambassador Bernhard Schlangheck who called on himat his office, he said that Pakistan’s energy sector is fast flourishing asits sub-sower sector was offering around $60 billion market in itsrenewable energy generation, transmission and distribution system, said apress release.
Special Assistant to the Prime Minister on Petroleum, Nadeem Babar was alsopresent during the meeting.
While apprising the German ambassador on the new Renewable Energy Policy,the federal minister said that for the first time the provinces have beengiven a major leading role in both decision making regarding new renewableenergy projects as well as in their implementation.
A steering committee having due representation of all the provinces hasbeen envisaged for this purpose in the Alternative Energy Development Board(AEDB), he added.
He said that government has formulated 25 years generation plan alongsidetransmission plan for commissioning new electricity projects in the country.
Nadeem Babar informed that a multi-years auction of bulk renewable energyprojects is also under consideration on competitive bidding basis.
It will also be beneficial for manufacturing of renewable energy productsi.e. solar plates and wind turbines in the country providing them a goodsize and term for their businesses besides creating considerable jobopportunities in Pakistan, he added.
Regarding exploration of new oil and gas reservoirs, the German ambassadorwas apprised that due to absence of clear globally acceptable policy forexploration, there was little exploration as compared to the potential thatPakistan had. Now after the policy has been revamped, the government isready to auction around 35 offshore and 10 onshore sites for explorationstarting from December.
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Omar Ayub Khan briefed the German ambassador regarding the huge potentialof per capita consumption of electricity in Pakistan that is currentlyaround 500KW lower than China which was 2500KW per capita.
This means that electricity consumption will further increase with theadoption of business friendly policies by the present government.
He said that government has formulated Circular Debt Capping Plan and thecircular debt, which was growing by Rs39 billion per month during theprevious regimes, has been successfully brought down to little more than Rs10 billion per month. This growth will be arrested by the end of next year,he added.
The Federal Minister also threw light on the steps taken by the presentgovernment for bringing efficiency in the power sector. He said that due toextensive anti-theft campaign, recovery drives, actions against ownemployees, and other measures, 80 percent feeders across the country arenow receiving uninterrupted power supply while work on rest of 20 percentis on fast track.
The German ambassador appreciated the government’s endeavors in the energysector. He said that entire developed world and their entrepreneurs arewatching the developments in Pakistan and are ready to invest.
He said that German companies were also interested in taking part in thecoming bidding process for renewable energy projects.
