ISLAMABAD - Prime Minister Muhammad Nawaz Sharif on Thursday congratulated OMV and its JV partners for this successful completion and commissioning of Latif Gas Field development project, saying that it additional volume of gas will help in mitigating the shortage of gas in the country to some extent.

Sharing his remarks on the inauguration of Latif gas field development, PM said Pakistan is facing acute energy crisis.

“Supply of indigenous gas is the major component of our total energy mix and main stay of our economy,” he said adding that indigenous gas saves Pakistan in billions of precious foreign exchange since it constitutes about 50 percent of our energy mix. 

“We are fully cognizant of the fact that without allowing an attractive rate of return to E&P companies it will not be possible to achieve any major breakthrough in harnessing indigenous resources,” he said adding that he expressed hope that the New Petroleum Exploration and Production Policy will significantly alter petroleum exploration regime in Pakistan.   He said Ministry of Petroleum & Natural Resources has also formulated very attractive policies for Tight Gas and Low BTU Gas. 

“We are also in the process for formulating Shale Gas Policy to harness abundant shale gas reserves.  We are confident that these policy initiatives will attract companies from across the globe to invest in these exciting ventures,” he added.

He said that this project has been completed in record time of 15 months only due to tireless effort of the entire project team.