Potential Priorities of New Energy Minister
Islamabad: A new energy minister has been appointed. He is young and seems lively, therefore there are many reasons to have high expectations for him.
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The essential agility is seriously lacking in the energy supply chain. A few instances include the failure to maintain a consistent exploration and production (E&P) programme, the progressive flight of multinational corporations (MNCs) involved in E&P, and the subsequent compulsive expenditure of 35% of the yearly budget on fuel imports.
Additionally, despite the fact that state-owned companies (SOEs) in particular continue to see a reduction in oil and gas production as a result of their mounting debt, no MNCs were able to participate in the last two rounds of exploration block bidding.
It’s interesting to note that while our oil consumption increased six-fold from 0.1 million barrels per day (bpd) in 1980 to 0.57 million bpd till 2016, production reached a peak in 2014 at 94,000 bpd and is currently at 76,000 bpd.
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The period following the 1973 oil embargo gave rise to a wide range of substitutes. There are many choices available in the oil and gas industry, such as securing reserves through international investments. For instance, ONGC India has assets in 17 different countries, and Inpex’s venture in Australia is presently providing 10% of Japan’s LNG needs.
The increase in effort necessitates a high level of professional capacity. Due to the leaving of MNCs among other things, the majority of that has already been consumed.
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