Islamabad: Speakers at a conference, while highlighting the importance of deregulation of the petroleum sector, on Wednesday stressed the need for removing bottlenecks in promotion of oil and gas sectors in the country.
They were of the views that all stakeholders, government and regulators should set together and devise a concrete strategy in larger national interest to counter various mafias creating hurdles in promotion of this important sector
The Oil and Gas Conference Pakistan (OGCP-2024), organized by Energy Update in collaboration with the Ministry of Energy (Petroleum Division) and the Oil and Gas Regulatory Authority (OGRA).
Speaking on the occasion, Oil and Gas Regulatory Authority (OGRA) Chairman Masroor Khan said that OGRA was providing facilities to the industry through the OGRA regulatory framework. The OGRA was also assisting the industry to cope with the emerging challenges, he said.
He said there were 180 terminals in the country and stock for 20 days was available. There were also 3000 illegal petrol stations for which necessary steps were needed to eliminate such petrol pumps.
Despite the dying sector of CNG, the regulator has received several applications for setting up CNG gas stations, he said.
He said currently there were two LNG terminals and the process for setting up three additional terminals was under progress while 10 more applications were received for setting up virtual LNG terminals.
The Chairman said that currently the share of LPG in the energy mix stood at 1.3 per cent with 5000 metric tons per day consumption. However, he said the LPG share would likely touch 6-8 per cent in next seven to eight years with 10,000 metric tons per day consumption in the country.
He said there was a huge opportunity to make investment in setting up LPG storage, transportation and standard cylinders in the country adding that OGRA was ready to provide full cooperation to the investors in this regard.
Speaking on the occasion, former prime minister Shahid Khaqan Abbasi said that there was a huge potential in the energy sector of the country. Due to running out of gas, the use of LPG was increasing which needed serious efforts to solve the problems on a priority basis.
He went on to say that despite awareness of the grave energy crisis, timely decisions were not taken to address it. “Everyone knows the problems being confronted in the energy sector, now it is the time for taking decisions, “ he said.
Abbasi said the cabinet had decided to deregulate the petroleum sector in 2018 but unfortunately it was not yet deregulated. Petroleum sector in the entire world had been deregulated but in Pakistan it was partially deregulated, he said. Let the private sector take over the petroleum sector, he added.
He said the sector could not flourish in the country due to absence of taking timely decisions.
He said today we have various effective ways including SIFC for taking solid and timely decisions.
Shahid Abbasi said it took three years to set up a petrol pump in Pakistan. The refinery policy has been hanging for 8 years and everyone was aware of the issue, he said.
Chairman Associated Group Iqbal Z Ahmed stressed the need for removing bureaucratic hurdles to bring improvement in the energy sector. He also called for innovative decisions to flourish the energy sector in the country.
He also stressed the need for promotion of local production of LPG rather than focusing on importing it.
MD Attock Refinery Limited Adil Khattak urged for taking strict measures to control smuggling of oil as it caused huge loss to the national exchequer. He said although some measures were taken to curtail the smuggling of oil, more efforts should be made in this regard.
He went on to say that unfortunately in the last several years no new oil refinery was set up in the country. Highly capital investment was also needed to upgrade the oil refinery, he added.
Chairman of the Organizing Committee Muhammad Naeem Qureshi in his welcome address said that the conference was aimed at showcasing Pakistan’s potential in the energy sector, focusing on advancements in domestic production, exploration, and sustainable practices.
He said that the conference would explore strategies for enhancing energy security, reducing import reliance, and promoting local energy resources. The event would feature a diverse range of sessions covering key themes such as exploration and production strategies, renewable energy integration, regulatory frameworks, technological advancements, and investment opportunities, he added.
Other speakers including Senior ED OGDCL Shahzad Safdar, Ali Talha Tamimi , Andrzej M Kaczorowski, Arshad Hussain Partner at Energy Resource Management Barrister Sarah Kazmi, Halima Khan, Sarmad Hassan Shareef, PEPL; Razi Uddin Razi; Shahid Karim, Firsat Shah , Dr. Saeed Jadoon and others also spoke on the occasion.
Later mementoes were distributed among the speakers and sponsors.
