Daily Times

The speakers at a conference while highlighting the importance of deregulation of the petroleum sector, on Wednesday stressed the need for removing bottlenecks for promoting oil and gas sectors in the country.

They were of the view that all stakeholders, government and regulators should set together and devise a concrete strategy in the larger national interest of the country.

The Oil and Gas Conference Pakistan (OGCP-2024), organized by Energy Update in collaboration with the Ministry of Energy (Petroleum Division) and the Oil and Gas Regulatory Authority (OGRA).

Speaking on the occasion, Oil and Gas Regulatory Authority (OGRA) Chairman Masroor Khan said that OGRA was providing facilities to the industry through OGRA regulatory framework. The OGRA was also assisting the industry to cope with the emerging challenges, he added.

He said there were 180 terminals in the country and stock for 20 days was available.

The regulator had also received several applications for setting up CNG gas stations, he added.

The chairman said currently, there were two LNG terminals and process for setting up three additional terminals was under progress while 10 more applications were received for setting up virtual LNG terminals.

He said that presently share of LPG in energy mix stood at 1.3 per cent with 5000 metric tons per day consumption.

However, he said the LPG share would likely to touch 6-8 per cent in next seven to eight years with 10,000 metric tons per day consumption in the country. The chairman said the country had huge investment opportunity in LPG storage, transportation and standard cylinders adding that the authority was ready to provide full cooperation to the investors in that regard.

Speaking on the occasion, former Prime Minister Shahid Khaqan Abbasi said that there was a huge potential in the energy sector of the country.

Due to running out of gas, the use of LPG was increasing which needed serious efforts to solve the problems on priority.

Abbasi said the cabinet had decided to deregulate the petroleum sector in 2018 but had not yet deregulated. Petroleum sector in the entire world had been deregulated but in Pakistan it was partially deregulated, he said.

“Let the private sector to take over the petroleum sector”, he added.

The MD Attock Refinery Limited Adil Khattak urged for taking strict measures to control smuggling of oil as it caused huge loss to the national exchequer.