February 17, 2016
The President Pakistan Businessmen and Intellectuals Forum (PBIF) on Wednesday said oil and gas reserves in the Khyber Pakhtunkhwa province can change the fate of Pakistan.
The province have known nine trillion cubic feet of recoverable gas reserves and 500 million barrels of oil which are ten times as big as that of Pothohar reserves, he said.
Investment in KP oil and gas sector can change the fate of country while reducing unemployment and militancy, said Mian Zahid Hussain, President PBIF, AKIA and First Vice Chairman of the Businessmen Panel of FPCCI.
He said that presently KP provinces is producing half of the oil of the total national output while 10 percent of the gas which is also being provided to the other provinces.
KPOGDC has improved working in 17 oil and gas blocks while the remaining 4 needs attention of the authorities. He said adding that OGDC and MOL are actively participating in exploring activities while other multinational companies are not playing active role due to security fears.
Mian Zahid Hussain said that dozens of American, Chinese, Kuwaiti and other companies are interested in investment in KP oil and gas sector provided their reservations should be tackled.
Military operation has improved the security situation in KP and FATA but foreign investors are awaiting further improvement before stepping into the province.
He said that employing latest technology can increase the volume of recoverable oil and gas reserves which will help Pakistan in a great way.
Lauding the LNG agreement, he said that Pakistan growth rate would have been seven percent minimum if the LNG import agreement was signed ten years ago.