Friday, July 19

Caretaker Minister for Energy spells out govt strategy to meet energy needs

Caretaker Minister for Energy spells out govt strategy to meet energy needs

Caretaker Minister for Energy Muhammad Ali has spelled out the government strategy to meet the future oil and gas needs in an efficient manner by stepping up hydrocarbon exploration activities in potential areas across the country. “We are coming up with a policy for tight gas, policy for shale gas, we have already announced bids for onshore exploration and in December for offshore exploration,” he said in an interview with the Emirates News Agency (WAM) on sidelines of the ADIPEC Conference at Abu Dhabi. He said Pakistan has a strong presence at ADIPEC this year, with around 10 companies from the exploration, oil marketing, and related sectors. “Indeed, it’s a promising start, and on the very first day, we have seen a remarkable response. All our companies are actively engaged, and there’s substantial interest in their offerings. The presence here is off to an excellent beginning,” he said. Muhammad Ali laid emphasis on decarbonisation and electrification, saying that they were critical components of Pakistan’s energy strategy for the future. “While these aspects may not have received sufficient attention in the past, there is now a strong focus on them. Initiatives include energy conservation, electrification efforts, and the re-purposing of natural gas for power generation to electrify appliances and vehicles,” he said. He said that on the decarbonisation front, the Climate Ministry was actively engaged in setting up carbon fund while the Energy Ministry was developing a comprehensive carbon policy.”The ultimate goal is to unite all stakeholders and maximize the potential of these initiatives,” he added. He outlined three key priorities for the energy sector: First, addressing exploration challenges by improving data availability, removing payment barriers, and revising policies; second, expanding the natural gas supply; and third, focusing on the power sector, including transmission investments, promoting renewables, and resolving circular debt to ensure a stable power supply and payment resolution,” he said. The minister said, “In the past, Pakistan has not focused as much on decarbonisation but now there is a huge focus on this.” He said Pakistan was working to develop renewable energy projects, improve energy efficiency, and reduce its reliance on fossil fuels. Pakistan was also looking to partners in the Middle East to help it achieve its decarbonisation goals, he said.
He said, “The Middle East has very advanced technologies and players in the energy sector and Pakistan can benefit from their expertise.” The Minister said ADIPEC was a major platform for collaboration between the global energy industry and governments. The event brought together decision-makers, experts, and investors to discuss the latest trends and challenges in the energy sector, he said.

Editor: Raja Kamran