Latest news with #30thAnnualTechnicalConferenceandOilShow
Express Tribune
19-02-2025
- Business
- Express Tribune
Over 70 blocks picked for oil, gas exploration
Exploration and production companies are hesitant to commit further investment, citing the uncertainty surrounding the recent petroleum policy changes. photo: file Federal Minister for Petroleum Dr Musadik Malik has said that after a decade 40 new offshore and 31 onshore blocks have been offered for oil and gas exploration. Speaking at the 30th Annual Technical Conference and Oil Show on Tuesday, the minister said a significant portion of Pakistan's natural resources had remained unexplored and invited international investors to capitalise on opportunities in the newly opened blocks. "Pakistan is open for business and we will offer all necessary facilitation to investors," he stressed. Malik said the fundamental pillars of the government's strategy for advancing the energy sector were access to energy, provision of affordable energy and energy sustainability. To achieve these goals, the government is focusing on three key fronts, which include indigenisation, electrification and liberalisation. He shared plans to introduce a policy of deregulation and price capping for opening up the oil sector and said bringing technology to the country alone would not be enough to change its destiny. "Continuous innovation is essential for sustainable progress." He stressed the importance of transitioning the oil sector to modern technology, noting that the prime minister's vision "is for Pakistanis to live better and easier lives". "Prosperity will not come by simply introducing one machine; for sustainable growth, we must engage in science and research ourselves," he said. The minister reiterated that reduction in energy prices for the underprivileged was one of the government's top priorities and efforts were underway in that regard. He said the government was working on minimising the environmental impact of energy consumption and was focused on increasing local energy production. Without affordable energy, the public will struggle to access it. "We are utilising domestic resources for energy," he explained, mentioning that significant progress was being made in electrification. "We need to change our working methods as Pakistan has immense potential." Highlighting the energy potential, he noted that Pakistan possessed untapped shale and tight gas reserves, adding that the government was introducing a deregulation policy with the aim of opening the oil sector under a price cap mechanism. The minister underlined the need for instilling confidence in the youth that they were capable of achieving anything. "The country will only develop when there is a sense of self-reliance. We must focus on progress rather than conflicts."
Express Tribune
18-02-2025
- Business
- Express Tribune
The way the country is run, even a retail shop can't be managed: Musadik Malik
Listen to article Federal Petroleum Minister Dr. Musadik Malik has said that the way the country is being run, even a small retail shop cannot be managed this way. Addressing a ceremony held in connection with 30th Annual Technical Conference and Oil Show in Islamabad on Tuesday, Minister Malik emphasised that there is a need for liberalisation in government policies. He stated, "The way we are running the country, even a retail shop cannot function this way." Dr. Malik remarked that running businesses is not the government's job and that matters need to be handed over to the private sector. He acknowledged the failure of privatising PIA (Pakistan International Airlines) and mentioned that the government is once again initiating the privatisation process for the airline. He added that the focus should be on increasing reliance on national resources and moving away from outdated and bureaucratic methods. Dr Musadik Malik said the government is pursuing multi-pronged strategy for development of energy sector in the country. The said the fundamental pillars of the government strategy for advancing the energy sector are the Access to Energy, Provision of Affordable Energy, and Sustainability of Energy. The Minister said to achieve the goals, the government is working on three fronts that include Indigenisation, Electrification and Liberalization. He said the main focus of the government is to reduce the cost of energy for the poor and it is utilizing local energy resources for this purpose. He said the government is also working to lessen the hazardous impacts of energy on the environment. Musadik Malik said forty new offshore and thirty-one inshore blocks have been announced after a span of ten years, which is a major achievement. He said Pakistan is open for business and these blocks offer excellent investment opportunities for international investors to invest in Pakistan. The Petroleum Minister explained that the government is currently working on three fronts in the energy sector. These include working to provide energy access to the entire population, ensuring affordable energy prices, and enhancing energy sustainability. He also mentioned the government's focus on increasing local production, stating that "what will we do with energy that the public cannot afford?" He pointed out that simply bringing in one or two machines won't bring prosperity and that sustainable development requires self-driven scientific research and work. Dr. Malik emphasized the importance of building national confidence, saying that to progress, Pakistan must move beyond a narrow mindset. He warned that if glaciers continue to melt rapidly, the country's irrigation system will be destroyed. He stressed that any action taken should be in consideration of the environmental impact.
