ISLAMABAD:The Cabinet Committee on Energy (CCOE) Friday formed a committee headed by Federal Minister for Energy Hammad Azhar to review the oil and gas exploration status and analyze the amendments required in the Petroleum policy to enhance the E&P activity in the country.
The decision was taken during a CCOE meeting chaired by Federal Minister for Planning, Development and Special Initiatives Asad Umar, attended by Minister for Energy, Federal Minister for Science and Technology Shibli Faraz, Member Energy, Secretary Power & Secretary Petroleum Division, said a press release issued here.
The meeting also discussed the Draft Model Petroleum Sharing Agreement as per the Pakistan Petroleum Exploration and Production 2012 which was approved by CCI.
The draft agreement will facilitate the offshore exploration of oil and gas in the country. The Law Division was asked to review the draft agreement before approval. The CCOE also reviewed the circular debt situation and power sector performance during January 2022. Power Division also explained the changes in the merit order dispatch of power plants due to transmission constraints and limited gas supply during January 2022.