The new Pakistan Tehreek-e-Insaf (PTI) government might amend Petroleum policy 2012 as there are high chances of finding oil and gas reserves. There is a strong likelihood that PTI government will introduce an incentive package for the companies looking to explore oil and gas.
Ministry of Energy (Petroleum Division) would hold a meeting of the Council of Common Interests (CCI) with all provincial representatives and decide on creating another zone to offer incentives to the companies working on oil and gas exploration. Other than different other changes will be made in the Petroleum Policy 2012.
Presently there are three oil and gas zones for the onshore exploration activities. Zone-I, Zone-II, and Zone-III comprises of west Balochistan, Pishin and Potohar basins; Kirthar, east Balochistan, Punjab, and Suleman basins; and Lower Indus Basin.
Petroleum Division has been approached by Pakistan Petroleum Exploration and Production Companies Association (PPEPCA) and was informed that an unexplored area of Kharan, Pishin, and Fata in zone-1 has the prospective for hydrocarbon reserves. It might have more than 21 trillion cubic feet (tcf) of hydrocarbons. Only three wells have been drilled there, thus the government has been asked to create new zone-1 (F).
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