GSP needs funds for acquisition of drilling rigs

Islamabad

Geological Survey of Pakistan (GSP) needs lump sum release of Rs 415.8 million budget allocated for acquisition of drilling rigs in the Public Sector Development Programme 2017-18.
“Last year, the GSP had surrendered the budget as it was not able to acquire the rigs due to quarterly releases. The budget has been re-allocated for the current year, but we need it in lump sum to meet requirements for tender floating and making payments for the rigs,” official sources told APP on Friday.
They said the latest drilling rigs would help increase minerals identification and exploration activities in potential areas of the country and achieve self-reliance in the energy sector.
The rigs will be in use of the GSP to map existing hydrocarbon resources in different potential areas of the country, they added.
Answering a question, the sources informed that the state-owned Oil and Gas Development Company Limited (OGDCL) had around nine own rigs with the capacity to drill up to 5,500 meters deep.—APP

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