Khashif Talks Unlock Knowledge & Explore with Khashif Talks!
Introduction:
In a significant move, the federal government has allocated Rs1.5 billion in development funds under the Public Sector Development Programme (PSDP) for the petroleum sector. This substantial funding aims to support ongoing projects and initiate new ones, fostering growth and innovation in the sector.
Allocation for Ongoing Projects:
The government has earmarked Rs1.5 billion for the advancement of five ongoing petroleum sector projects. These projects will enhance the sustainable operations of the Pakistan Petroleum Corehouse (PETCORE), facilitate oil and gas exploration research through the National Mineral Data Centre (NMDC), and carry out geological mapping in Balochistan province. Additionally, funds have been allocated for legal consultancy services to draft regulatory frameworks and for the Pakistan National Research Programme on Geological Hazards.
New Projects and Allocations:
In a fresh wave of investment, an additional Rs650 million has been allocated for four new PSDP projects. Out of this amount, Rs300 million will be utilized to accelerate geological mapping using modern satellite imaging technology. Rs150 million has been specifically designated for the development of Strategic Underground Gas Storage (SUGS) at Badin. Furthermore, Rs100 million each will be allocated to instrumental up-gradation of Geo-science Advance Research Laboratories (GARL), GSP, and Islamabad, as well as for supplying gas to localities near gas-producing fields.
Conclusion:
The allocation of Rs1.5 billion under the PSDP for the petroleum sector showcases the government’s strong commitment to promoting development and fostering innovation in this critical industry. Through investments in ongoing projects and the initiation of new ones, the government aims to enhance research, exploration, and infrastructure within the petroleum sector. This strategic investment will contribute significantly to the country’s energy security, economic growth, and advancements in geological mapping and gas storage technologies. By prioritizing these crucial areas, the government is laying the foundation for a stronger, more resilient petroleum sector that will propel Pakistan towards a prosperous and sustainable future.
