Islamabad October 28 2022: The Economic Coordination Committee (ECC) on Thursday considered and approved revival of 11 exploration block licenses to reduce reliance on imported fuel.
This was approved in ECC of Cabinet meeting Chaired by Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar, said a press release issued here.
Petroleum Division submitted another summary on revival of revoked petroleum exploration licenses. It was informed that (11) eleven exploration licenses were revoked due to non performance of work commitment and non-payment of financial obligations by various exploration & production companies.
In all the eleven blocks, status quo order was passed by the respective Civil Courts, Islamabad and Sindh High Courts. It is pertinent to mention that the litigant companies have approached the government and shown keen interest in exploration of the blocks awarded. In order to resolve this longstanding issue of litigation, which has resulted in halting of exploration and production activities in some of the respective blocks of the country, Petroleum Division has developed a framework for revival of revoked licenses through out of court settlement.
The ECC after detail discussion approved the proposed framework.
The ECC approved another summary of Petroleum Division for change of effective control from M/s Eni ULX Limited, M/s Eni UK Limited and M/s Eni Oil Holdings B.V, in respect of its subsidiary companies i-e M/s ENI Pakistan Limited , ENI
Pakistan (AEP) Limited and ENI Pakistan (M) Limited , respectively to M/s Prime International Oil & Gas Company Limited (PIOGCL) subject to condition that PIOGCL shall be liable to the Government for all the minimum work commitments and financial obligations and Government’s revenue s will not be adversely affected after this change of effective control.
Federal Minister for National Food Security and Research Chaudhary Tariq Bashir Cheema, Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Khurram Dastgir Khan, Federal Minister for Industries and Production Makhdoom Syed Murtaza Mehmood, Shahid Khaqan Abbasi MNA/ex-PM, Minister of State for Petroleum Musadik Masood Malik, SAPM on Finance Tariq Bajwa, Coordinator to PM on Commerce and Industry Rana Ihsan Afzal, Federal Secretaries and senior officers attended the meeting.
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