According to Federal Minister for Energy Hammad Azhar, Pakistan is opening new areas for oil and gas development via competitive bidding, which will spur huge exploration operations in the country.
During a meeting with the Japanese envoy, he said, “Pakistan has significant oil and gas reserves and opening of new blocks will not only increase the local oil and gas production but will also help save a lot of foreign exchange now used for its imports.”
Ambassador of Japan Kuninori Matsuda spoke on the event, praising the government’s energy plans and inviting the minister to the Asia Green Partnership Ministerial Meeting (AGPM), which will be held in Japan in October 2021.
Matsuda told the energy minister that Japan has launched the Asia Energy Transition Initiative (AETI), which includes a $10 billion fund for renewable energy, energy efficiency, LNG, and other projects.
The funds will go toward decarbonisation initiatives throughout Asia, such as renewable energy, energy conservation, and the conversion of coal-fired power plants to gas-fired power plants to assist in the energy transition.
Azhar welcomed the offer to join in AGPM and said that foreign businesses, including Japanese ones, must compete for oil and gas exploration areas in competitive bidding.
The minister also informed the Japanese ambassador of the current government’s successful efforts to reduce circular debt growth from Rs538 billion in FY20 to Rs177 billion in FY21, which has significantly helped to investor confidence being restored.
