Pakistan to invest million dollar in Oil and Gas sector

To reduce import of oil and gas Pakistan is going to invest more on the sectors. The government is targeting to invest more that 15 million dollar; even they are trying to attract the foreign investors with lucrative offers to invest this sector. In the sack of the exploring oil and gas the Govt. is highly determine to provide security for the investors. Pakistan imports 82 percent of their demand a fiscal year and demand will be increased more than 5 percent every year. The country is receiving investment more that one million dollar in the oil sector.

Bloomberg

Developing offshore fields reduces the risk of attacks by militants that have hampered oil and gas exploration, increasing Pakistan’s reliance on imported fuels. U.K. explorer Tullow Oil Plc stopped operating in the northwest tribal region in March where the Pakistan military is fighting Taliban insurgents.

No doubt that security is the main concert to invest in Pakistan. But the recent steps of the government to increase the security trust may attract the investors. Govt. offers two kids of explorers offshore and onshore and 14 offshore explorer license already been issued by the authorities. Including Pakistan’s Oil & Gas Development and the top second largest European explorer company BP Plc and Italian petroleum oil company Eni is eager to work in this sector.