The petroleum exploration and development companies on Thursday asked the government to improve the working environment for oil and gas exploration activities by addressing issues relating to security, revocation of their existing blocks, and procurement rules.
At a round-table meeting with chief executives of the local and foreign exploration companies, a government team led by Minister for Energy Omar Ayub Khan was also suggested to prioritize offering offshore blocks for auction in the next bidding round to attract more international exploration firms.
The representatives of the Mari Petroleum Company suggested to the government to prioritize the offshore blocks in the upcoming bidding round as they had the potential of large oil and gas reserves and offered to coordinate with foreign firms as joint venture partners to facilitate foreign investment.
Some of the private companies also raised the issues of security in their operations and suggested the government and its agencies were well aware of the areas where exploration activities are handicapped by the local environment. In such cases, the government should not only provide security coverage but also be very considerate in the revocation of existing blocks.
