ISLAMABAD: The Audit Report 2015 has pinpointed misappropriation of Rs 40 billion in the Ministry of Petroleum.
According to the report, the oil director general had issued licences to two international oil companies – OMV and MOL – to explore oil and gas from Saqib and Mamikhel fields on experimental production under the Petroleum Policy 2001, while financial benefit was given to these companies under the Petroleum Policy 2012, causing a huge loss of Rs 40 billion to the national exchequer.
It said that production was started from both oil fields in 2009 while formal announcement of production was made four years later, and both companies were allowed to explore oil on experimental production for five years
Audit officials said these companies had no right to produce oil under given licences, but with the connivance of corrupt officials of the ministry, the companies produced oil for five years.
The officials have requested the top-level management to take action against corrupt mafia in the ministry and recover the looted money.