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7 blocks may be opened by force New package for oil exploration shortly,

says minister

ISLAMABAD: A detailed plan will be submitted to the provincial government on exploration activities shortly, Minister for Petroleum and Natural resources, Usman Aminuddin said.

The plan will not only help foreign/domestic investors in the oil & gas sector, but also ensure extension of socio-economic benefits for the residents of the province.

He termed his recent meeting with Governor Balochistan, Minister for Interior and Corps Commander Quetta as very useful in identifying the future plan for the development of oil sector in the province. The meeting was aimed the development consensus on opening 7 blocks under force majeure.

Usman Aminuddin has said that natural resources of almost 10-14 TCF gas could be found in Balochistan and likely to generate additional revenues upto Rs 208 billion during the life of the fields stretching over 28 years.

The minister said Balochistan Province could collect additional revenues upto Rs 7 billion per year in the form of royalties and excise duty.

The minister said the development plan for Balochistan would be evolved in consultation with concerned authorities and the people, in which development of the areas and people's welfare would be on top.

He also said that highly perspective areas in Balochistan were under force majeure due to tribal interferences, with a negotiated settlement. It was estimated that the province is currently receiving Rs 640 million in the form of royalties.

The minister also paid a surprise visit to the Headquarters of the Geological Survey of Pakistan. This was an unscheduled visit and hardly and staff out of the 600 was present.

He said he would shortly be reviewing the overall performance of GSP to give a new sense of direction.

He also highlighted the importance of discipline to the few officers who were present and directed them to adopt a commercial approach in undertaking their duties and responsibilities.

The staff of the GSP were highly appreciative of the Minister's interest in restructuring GSP into dynamic organisation. APP