Islamabad: The Senate Standing Committee on Petroleum has been informed that at the present level of consumption, the oil reserves will completely deplete in 10 years, according to a news report. The gas reserves, on the other hand, are expected to be depleted within 13 years. These statistics were brought to focus during a meeting of the committee chaired by Senator Mohsin Aziz and was attended by various dignitaries.
The meeting also discussed the details of budget allocations for subordinate bodies of the petroleum ministry. Recommendations from Senate Special Committee for implementation of Gas Infrastructure and Development Cess and matters related to LNG supply agreement, LNG terminals, etc were also taken up.
The Standing Committee on Petroleum was informed that around 0.5 million consumers annually were being added to the list of consumers, and with diminishing domestic production, the LNG requirement is expected to increase to 3,600 million cubic feet per day.
It has also told the Sui Southern Gas Company Limited (SSGCL) to meet the growing demands of Sindh and Balochistan and expressed grave concerns over the leakage of petroleum product prices summary.