An Unending Tale Of Oil & Gas Sector
To fulfill energy requirements, Pakistan mainly depends upon oil and gas resources. The home production of crude oil stayed at 24.2 million barrels during July-March FY 2017 compared to 24.0 million barrels during the corresponding period last year.
Owing to changing scenario in the region, Russian Federation is taking keen interest in investment in the energy sector of Pakistan. No doubt, Pakistan should welcome the entry of another major power in its friends’ list. It would not be wrong to say that Pakistan’s close relations with Russia would lay very positive effects upon local socio-economic scene, and cooperation between both countries would bring prosperity to entire South Asian region. Recently, Sindh Chief Minister, Murad Ali Shah had a meeting with a high-power delegation of Saint Petersburg, Russia led by its Vice Governor, Sergej N. Movchan. The delegation comprises leading companies from St Petersburg in energy, oil and gas, textile and fashion industry, light industry, pharmaceuticals and other sectors. The objective is to create business linkages to enhance bilateral trade leading to meaningful cooperation.
We should not forget that Russia is an energy rich country whose economy depends upon its natural resources including oil and gas. The Chief Minister said that current phase between two countries was promising and very encouraging. There have been frequent high-level visits over past few years and interaction between the two-sides. The Chief Minister.Sindh Mr. Murad and Sergej Movchan signed memorandum of understanding for further cooperation in education, energy, oil, and gas, textile, water filtration and pharmaceutical sectors. The expertise of Russia’s oil company like Rosneft and Gazprom Gas Company has contributed significantly in developing Pakistan’s oil and gas potential.
Keeping in view the potential of oil and gas sector in Pakistan, the United Arab Emirates is interested keenly on investment in oil & gas sector of Pakistan. In April 2018, the United Arab Emirates (UAE)’s ambassador has shown interest in oil and gas sector of Pakistan during a meeting with Prime Minister Shahid Khaqan Abbasi in Islamabad. Pakistan is an energy starved country like many countries of the world. The oil and gas sector of Pakistan is a place where foreign investment can be doubled due to the reasons more than one. Apart from import of oil and gas, Pakistan has abundance of natural resources which can be utilized to the advantage for both the investor and the country itself. During 14th International energy conference, held at expo centre Lahore in concurrence with three day exhibition, POGEE-2018, the chairperson of Oil Gas & Regularity Authority, (OGRA) also laid the stress upon the same point.
Pakistan is blessed with an ideal location in many ways. As far as its energy potential is concerned, one can say that Pakistan is regarded as the energy corridor in the region where billions of people inhabit and fulfill their energy needs in one way or another. The energy sector plays the most important role in forming or deforming national economy. Pakistan’s energy demand is said to have been risen at a Compound Annual Growth Rate (CAGR) of six percent during the financial years 2011 to 2017.