Pakistan will Establish Additional Oil and Gas Exploration Blocks
According to Federal Minister for Energy Hammad Azhar, Pakistan is opening new areas for oil and gas development via competitive bidding, which will stimulate considerable exploratory activities in the nation.
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Ambassador of Japan Kuninori Matsuda praised the government’s energy initiatives and invited the minister to the Asia Green Partnership Ministerial Meeting (AGPM), which will be held in Japan in October 2021.
The money will be allocated to decarbonisation initiatives throughout Asia, including renewable energy, energy conservation, and the conversion of coal-fired power plants to gas-fired power plants, in order to facilitate the energy transition.
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The minister also briefed the Japanese ambassador of the government’s successful efforts to minimise the increase of circular debt from Rs538 billion in FY20 to Rs177 billion in FY21, which has significantly contributed to the restoration of investor trust.
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