Islamabad: Prime Minister (PM) Imran Khan has approved a security force for petroleum exploration, a news source reported. This security force will follow the security arrangement pattern already established for the China-Pakistan Economic Corridor (CPEC) project. It is expected to provide improved incentives for the production of domestic oil and gas resources.
PM Khan also approved a proposal for shifting the current exploration & development policy ‘approval regime’ format to the ‘information regime’ setting. This is expected to offer more freedom to oil and gas companies to extend operations beyond the discovery phase.
The PM has also agreed to allow entrance of mid-tier exploration and production firms to the exploration industry.
The special security force approved will also offer fool-proof security to the exploration companies – leading to enhanced ease of doing business for local and foreign investors in the country.
Previously, PM Khan has asked for a further fine-tuning of the revised policy before its official launch. It currently awaits the approval of the Council of Common Interests. The policy’s launch is expected in the second or third quarter, supported by aggressive marketing tactics.