Pakistan to increase Oil Output upto 100,000 Barrels Per Day
Pakistan Times Business & Commerce Desk

ISLAMABAD: Prime Minister Shaukat Aziz has said that strenuous efforts were underway to increase indigenous oil production upto 100,000 barrels a day to meet domestic needs and bring down oil import bill.

"The country's oil production will be increased upto 100,000 barrels from 70,000 barrels per day as it enjoys encouraging successful exploration ratio of 25 percent," he told a private TV channel, Geo News.

Presently, the government has planned to drill at least 100 new wells to explore for oil and gas.

Various companies have already been allowed to explore and scores of local as well as foreign companies are showing interest in investing the country's oil and gas sector, he said.

New LPG policy has helped in decreasing its prices, the Prime Minister said, adding that more and more CNG outlets are being established across the country to provide cheaper energy and reduce pollution.

Commenting on Iran-Pak-India (IPI) gas pipeline project, he said things were moving in the right direction and negotiations were underway to devise an agreeable price formula.

An Indian delegation would soon visit Pakistan to hold talks on the project, the Prime Minister added.●