Home / Chambers of Commerce / Oil and Gas Development Company to accelerate oil and gas exploration to improve energy situation

Oil and Gas Development Company to accelerate oil and gas exploration to improve energy situation

Islamabad, March 21, 2013 (PPI-OT): Islamabad Chamber of Commerce and Industry (ICCI) organized an Energy Seminar to discuss current energy situation in the country and the progress made so far on various initiatives to overcome the power and gas shortage in the country.

The key speakers of the events were Mr.Masood Siddiqui, managing director and chief executive officer of the Oil and Gas Development Company (OGDC), Mr.Zafar Bakhtawari, President ICCI, Mr.Abdullah Yousaf, Chairman, IPP (AC), Mr.Nadeem Bajwa, Area Manager, Weatherford Pakistan, Mr.Najam Javed, Director Finance IESCO, Shoaib Farooqi, BDM of Weatherford Pakistan and Col.(R) Abdul Mateen, Regional Security Manager Weatherford Pakistan.

Speaking on the occasion, Mr.Masood Siddiqui, managing Director and chief executive officer of the Oil and Gas Development Company has stated that the company has achieved numerous growth rate in the production of oil and gas, a significant increase in exploration, and drilled 16 new offshore wells, added 6000 new barrel oil and 100-150mcf gas during last 8 to 9months to ensure the energy security of the country.

He said that OGDCL is successfully going ahead with its mission to fulfill the country’s energy demand and its recent discovery of would go a long way in this regard. He said that ODGCL also initiated the project of establishing OGDCL Institute of Science and Technology to promote higher education and technology in the country. From the platform of ICCI, Managing director of OGDCL also invited private investors to come and explore oil and gas sector of Pakistan that offer huge investment potential.

Mr.Zafar Bakhtawari, President ICCI said that the future of Pakistan lies on the energy sufficiency and ending energy crisis from the country would definitely give a boost to the industry growth and business in Pakistan but there is lack of planning and true implementation of policies. He expressed concern over increasing oil import bill of Pakistan which has been touching the alarming figure of $15billion.

Mr.Bakhtawari stressed to adopt energy conservation measures and said that Government should launch a serious campaign for adopting energy conservation measures by promoting energy efficiency programs. He said that it is the high time for the Government to declare Energy Emergency in the country and find ways to resolve this core issue.

Mr.Abdullah Yousaf, Chairman, Independent Power Producer Advisory Council informed the meeting that 3percent of country’s GDP was affected due to prevailing energy crisis which could be resolved by implementing the principle of good governance as 80percent of bills were not collected by governance issue. He said that circular debt problem need to be resolved on priority basis which has taken place because of subsidization cost and lack of privatization in the oil and gas sector.

Mr.Nadeem Bajwa, Mr.Najam Javed, Shoaib Farooqi, and Col.(R) Abdul Mateen also discussed the various reasons of prevailing energy crisis in the county which includes high cost of power generation, lack of generation links, and deteriorating law and order situation in the Balochistan and Sindh areas.

They called upon the Government to promote local investment as well as attract foreign investors to make their investments in oil and gas sector of Pakistan and also emphasized that government should give lucrative incentives to local and foreign investors so that they would make sufficient investment in this sector.

They said that oil and gas sector is capital intensive sector which need hefty investment form foreign counties, therefore foreign investors should come forward with advanced technologies and make investment in Pakistan.

The seminar was followed by a Question Answer session from the potential entrepreneurs, who have certain queries in the context of oil and gas sector and policies of the government.

For more information, contact:
Islamabad Chamber of Commerce and Industry
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1,
Islamabad, Pakistan
Tel: +9251 225 0526 and 225 3145
Fax: +9251 225 2950
Email: icci@brain.net.pk
Website: www.icci.com.pk

Leave a Reply

Scroll To Top