Government provides Rs 1.31 billion for petroleum sector projects

March 24, 2023

Fozia Azam

The government has provided Rs 1,312.10 million to develop nine ongoing petroleum-related projects throughout the first eight months of the current fiscal year. This funding is a part of the total Rs 1.48 billion budget under the Public Sector Development Programme (PSDP 2022-23), according to information available with WealthPK. Around Rs 698.04 million of the total Rs1,312.10 million was spent on petroleum projects between July and February to speed up oil and gas exploration activities.

According to a PSDP document available with WealthPK, the government has set aside Rs 150.560 million for setting up the National Mineral Data Centre, Rs. 303.700 million for the growth and modernization of Pakistan Petroleum Corehouse's sustainable operations to support oil and gas exploration research in Pakistan.

In addition, Rs 100 million will go for geological mapping on 50 of the 354 unmapped Toposheets in the Outcrop Area of Balochistan province, Rs 70 million for Legal Consultancy Services to draft a Model Mineral Agreement and update the Regulatory Framework, and Rs 200 million for the Pakistan National Research Programme on Geological Hazards, which will collect data along active faults and identify potential hotspot zones for landslides.

The government has also allocated Rs 74.705 million to provide 13 million cubic feet per day (MMCFD) gas/re-gasified liquefied natural gas (RLNG) at the doorstep of Bin Qasim Industrial Park Special Economic Zone in Sindh province, Rs. 100 million to supply 10 MMCFD gas/RLNG at the doorstep of Bostan Special Economic Zone, Balochistan, Rs. 224.809 million to strengthen and upgrade Karachi Laboratories Complex at Hydrocarbon Development Institute of Pakistan's Operations Office, Karachi, and Rs 256.735 million to supply 40 MMCFD gas/RLNG at the doorstep of Allama Iqbal Industrial City Special Economic Zone, Faisalabad.

Credit: Independent News Pakistan-WealthPk