KARACHI - Pakistan’s energy deficit will expand to 110.8 million TOEs (Turn of Oil Equivalent) in the next 15 years as its demand is projected to grow to 147.78 million TOEs by 2027-28 against the domestic resources of 36.90 million TOEs in the same year, if the average GDP remains around 4.5pc.
This forecast has been made by the Petroleum Institute of Pakistan (PIP) in the Pakistan Energy Outlook (PEO) 2013-2028 which was launched on Friday. PIP is a representative body of the oil and gas sectors in the country.
PIP Chairman Dr Asim Hussain said: “Pakistan Energy Outlook (PEO)” is a flagship document of the PIP as it is prepared with the help of independent consultants taking into account energy demand/supply models based on the economic realities of Pakistan. “The set of recommendations identified in this document provides the long-term energy solutions for Pakistan for securing higher GDP growth and economic development on sustainable basis,” Hussain explained.
He maintained in the PEO that mobilising and generating affordable and environment-friendly energy resources are one of the key challenges for the government hence it is important that it works together with the petroleum industry in framing the policies.
Presenting the outline of the PEO Akhtar Raza of ENAR Petro-tech, who is a consultant to PIP, said that the energy deficit will have to be met through the import of coal, oil and gas as domestic production is likely to be insufficient.