Azeem A Khan

In an effort to increase the nation's energy independence, exploration and production (E&P) companies working in various regions of Pakistan discovered 16 oil and gas reserves during the last fiscal year. According to a document available with WealthPK, out of these, 10 discoveries were recorded in the oil and gas fields of Sindh province, four in Khyber Pakhtunkhwa province, and one each in Balochistan and Punjab provinces.

Seven newly discovered wells in Sindh province, including Taj-1 in Tando Allahyar district, Turk South-1 & Mulaki West-1 and Bhatti North-1 in Badin district, Fazil-1 in Ghotki district, Mohar in Khairpur district, and Naimat West DT-1 in Sanghar district, were the first from which the companies began extracting oil and gas.  Their total daily oil and gas output is now 1258.98 barrels and 10.91 million cubic feet, respectively.

E&P businesses often carry out various development projects for the welfare of local populations in the vicinity of their operational areas as part of their corporate social responsibility efforts. As a result, during the last five years, the companies have jointly deposited Rs 3108.31 million into the joint bank accounts of the deputy commissioners (DCs) and district coordination officers (DCOs) of various districts in the Sindh province.

The E&P businesses are required to pay a specific sum into the joint accounts of the relevant DCOs and DCs in accordance with the petroleum concession agreements and social welfare guidelines issued by the Petroleum Division. The execution of social welfare projects pertaining to health, education, access to clean water, and road infrastructure is overseen by district-level committees with a sufficient number of local lawmakers.

Credit : Independent News Pakistan-WealthPk