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Pakistan postpones oil exploration bids
Pakistan on Wednesday postponed bids for awarding licences on 17 oil and gas blocks, after an amendment to the constitution changed how national resources are shared.
The country last year announced a new petroleum policy to speed exploration and reduce heavy reliance on imports to meet demand and in April invited bids to award exploration rights in 17 blocks. The bidding deadline was June 30.
In view of the recent amendment in the constitution of Pakistan, the bidding scheduled for June 30, 2010, has been postponed. The new date for the bidding will be announced later on, the ministry said in a statement.
After a recent changes in the constitution, called the 18th amendment, the federal government and the provinces would jointly and equally share mineral, oil and natural gas resources located within the provinces or in adjacent territorial waters.
Previously, all lands, minerals and other things of value belonged to the federal government.
Pakistan produces about 65,246 barrels of oil per day and meets 80 percent of its oil needs through imports.
The countrys balance recoverable reserves of crude as on January 1, 2010, were estimated at 303.63 million barrels, according to official documents.
The country imported $9.34 billion of petroleum products and petroleum crude in the eleven months of the 2009/10 financial year that ends on June 30.
It imported 11.8 million tonnes of petroleum products between July-May 2009/10, compared with 9.37 million tonnes in the same period last year - a nearly 26 per cent rise.
The crude oil imports, however, declined by 5.66 per cent to 6.34 million tonnes in the first eleven months, compared with 6.72 percent in the same period of last year.
The overall consumption of petroleum products increased 8.1 per cent during July-March 2009/10 against the same period the previous year.
Pakistan is desperate for new energy sources, and has recently finalised a $7.6 billion pipeline deal to import natural gas from Iran.
Pakistans own balance of recoverable natural gas reserves stood at 28.33 trillion cubic feet per day (mmcfd) as of Jan 1, 2010, according to the official documents.
The average gas production during July-March, 2009/10 was 4,048 mmcfd.
DAWN.COM | Business | Pakistan postpones oil exploration bids
Pakistan on Wednesday postponed bids for awarding licences on 17 oil and gas blocks, after an amendment to the constitution changed how national resources are shared.
The country last year announced a new petroleum policy to speed exploration and reduce heavy reliance on imports to meet demand and in April invited bids to award exploration rights in 17 blocks. The bidding deadline was June 30.
In view of the recent amendment in the constitution of Pakistan, the bidding scheduled for June 30, 2010, has been postponed. The new date for the bidding will be announced later on, the ministry said in a statement.
After a recent changes in the constitution, called the 18th amendment, the federal government and the provinces would jointly and equally share mineral, oil and natural gas resources located within the provinces or in adjacent territorial waters.
Previously, all lands, minerals and other things of value belonged to the federal government.
Pakistan produces about 65,246 barrels of oil per day and meets 80 percent of its oil needs through imports.
The countrys balance recoverable reserves of crude as on January 1, 2010, were estimated at 303.63 million barrels, according to official documents.
The country imported $9.34 billion of petroleum products and petroleum crude in the eleven months of the 2009/10 financial year that ends on June 30.
It imported 11.8 million tonnes of petroleum products between July-May 2009/10, compared with 9.37 million tonnes in the same period last year - a nearly 26 per cent rise.
The crude oil imports, however, declined by 5.66 per cent to 6.34 million tonnes in the first eleven months, compared with 6.72 percent in the same period of last year.
The overall consumption of petroleum products increased 8.1 per cent during July-March 2009/10 against the same period the previous year.
Pakistan is desperate for new energy sources, and has recently finalised a $7.6 billion pipeline deal to import natural gas from Iran.
Pakistans own balance of recoverable natural gas reserves stood at 28.33 trillion cubic feet per day (mmcfd) as of Jan 1, 2010, according to the official documents.
The average gas production during July-March, 2009/10 was 4,048 mmcfd.
DAWN.COM | Business | Pakistan postpones oil exploration bids
