ISLAMABAD - The oil and gas companies involved in Exploration and Production have slowed down their activities in Pakistan, however the existing companies have no intention of winding-up of their business.

“Everywhere the E&P companies are facing the same situation as there is worldwide reduction in the petroleum products prices and Pakistan is no exception,” Asim Murtaza Chief Executive Officer (CEO) Petroleum Institute of Pakistan (PIP) said in a press conference here.

Replying to a query CEO Petroleum Institute of Pakistan said that no international E&P Company at present was considering winding-up their operations in Pakistan as the country’s Petroleum Policy 2012 was offers best prices and incentives to the E&P companies.

He said that as a result of prevailing slump in international oil/gas prices, E&P companies worldwide were reducing their costs by adopting different means. This also provides Pakistan a chance to attract these companies to undertake new E&P activities in the country.

He said that although Petroleum Policy 2012 extends attractive incentives to Exploration and Production (E&P) companies operating in upstream and downstream sector, but it still need a review. “Our Petroleum policy is not outdated, we need to compare it with the policies of different regional countries and remove any deficiency which our policy might have,”Asim Murtaza said.

He said that Pakistan has a golden chance to take advantage of the international recession in oil/gas prices as services costs and other exploration related costs have dropped significantly.

Speaking about the PIP, he said that it was a representative body of the oil/gas companies and individuals in Pakistan, adding that PIP is organizing its flagship “Pakistan Oil and Gas Conference” on 20 (Wednesday) April, 2016 with the theme: “Roadmap for a Sustainable Energy Future”.

The objective of the conference is to provide a valuable platform for local/international stakeholders and policy makers, including the government of Pakistan, to discuss and analyze the key oil and gas sector issues in Pakistan and their possible solutions. The Ministry of Petroleum and Natural Resources on behalf of government of Pakistan , has extended full support to the endeavor of PIP and attached great importance to this conference.

 The conference will contour areas of focus for the industry and the government as well as provides policy guidance and recommendations to increase activity and investment in the sector, with focus on oil and gas exploration and energy efficiency. The conference will provide set of recommendations which will be based on the long term energy solutions for Pakistan for securing higher GDP growth and economic development on sustainable basis.

He said that the PIP is a professional, non-government body established in 1963 with a vision to establish itself as a credible energy advisory body relied upon by the Government of Pakistan, industry and academic institutions in service of national development objectives.

PIP currently has a 26 corporate members and the Institute is the country representative of important international bodies such as the World Petroleum Council (WPC) and the International Gas Union (IGU).He said that main source of income of the PIP is sponsorships and subscriptions of its 26 corporate members.