ISLAMABAD :  Various Exploration and Production Companies are holding 125 exploration licences to explore oil and gas reservoirs in the country, as it is feared that the existing gas reservoirs of the country will last for sixteen years only. Currently fifty (50) blocks are under process for award to different Exploration and Production Companies. At the current gas production rate, the balance recoverable gas reserves of the country will last for about 16 years, official sources told APP here on Tuesday. “Therefore the government has taken different steps to explore natural gas in the country”.

For fiscal year 2013-14, drilling of 59 exploration wells and 51 development wells have been planned for enhancement of oil and gas production in the country,sources added.

The Government has announced “Tight Gas (Exploration & Production) Policy, 2011” which offers 40-50 pc premium over the respective zonal price of Petroleum Policy 2009.

Official said Petroleum (Exploration & Production) Policy, 2012 has also been notified that offers lucrative incentives to the investors for investment in E&P sector of Pakistan.

The Government has approved Low BTU Gas Pricing Policy, 2012 wherein additional incentives to the investors has been given to develop Low BTU fields, official said.

“Government is making efforts to enhance exploration activities in all the areas of Pakistan by improving law & order and providing secure environment to the local and foreign E&P companies”.

Official sources said efforts are being made to explore deeper prospects and under explored geological frontiers to add new oil and gas reservoirs.

Government is encouraging investment in exploring unconventional hydrocarbon reserves by introducing new technologies, sources added.