ISLAMABAD - The federal government will set up Institute of Petroleum Technology at a cost of Rs 2 billion in district Karak of Khyber Pakhtunkhwa, after the project was approved by the Central Development Working Party (CDWP).

The project, Institute of Petroleum Technology, which was approved in meeting held under the chairmanship of Deputy Chairman Planning Commission Sartaj Aziz, will benefit all the provinces by generating much-needed specialised workforce for oil & gas exploration industry. This institute will be state-of-the-art institute in imparting quality education. Such institution will be established for the first time in Pakistan with affiliation with international organisations like IWCF, API, SPE & AAPG. The Institute of Petroleum Technology will not only create quality graduates but would also help in increasing oil & gas production which will ultimately contribute to national economy and foreign exchange.

The institute is designed to offer 3 years Diploma of Associate Engineer and highly specialized 1 year & 6 months certifications from International Wefi Control Forum, American Petroleum Institute (API) etc, not presently offered in Pakistan. The institute will be primarily for specialized certification like drilling and seismic and solution to oil & gas exploration business.

With the recent discoveries, Karak is hub of oil & gas and this institute will develop infrastructure and will create thousands of job opportunities. By spending Rs 2 billion on this institute, specialised oil & gas professionals will be produced who will work on modern drilling rigs and repatriate Rs3.5 billion/annum in foreign exchange.

This viable and sustainable link between government, oil industry and academia services to oil industry will be offered on commercial basis. The institute will be established in government rented buildings. There is a big demand for specialized skilled drillers due to high smart technology being employed in drilling rigs and seismic works. These specialized skills will help in capacity building to avail opportunities within the country and abroad, especially Middle East.