These Are the Amendments in 2012 Petroleum Policy For Enhancing Oil and Gas Exploration

Two summaries for Amendments in Petroleum Policy 2012 were placed before a meeting of the Council of Common Interests on January 29, 2024, for approval. The amendments were proposed to encourage the exploration of new reserves of oil and gas. The following amendments have been approved for enhancing exploration activities in the country: This provision (d) will also apply to all existing licenses/leases granted under Petroleum (E&P) Rules 1986, 2001, 2009, and 2013 for the gas discoveries which are not yet allocated and will be allocated after the date of notification under CCI approval. The importance of the domestic petroleum industry to the economy of Pakistan is a core issue of national security, and national self-reliance and as a major source of government revenue. The purpose of this Petroleum Exploration and Production Policy 2012 (Policy) is to establish the policies, procedures, tax, and pricing regime in respect of the petroleum exploration and production (E&P) sector.