Oil and gas companies operating in Pakistan plan to invest $5 billion over the next three years to explore drilling sites in the South Asian country, Pakistan’s Prime Minister Shehbaz Sharif said this weekend. Representatives of the firms working in the Pakistani exploration and production E&P industry met with government officials and said the companies plan to drill about 240 sites in search of hydrocarbons in the country, which depends on imports to meet most of its energy demand.
“We want to import more oil from Russia,” he added. Last year, Pakistan started importing Russian crude oil, initially on a government-to-government basis in a trial run of imports with cargoes that arrived in June 2023. Pakistan has been desperate to import energy at low costs after it was outspent on the market in 2022 when oil and gas prices surged while its foreign exchange reserves dwindled.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
United States United States Latest News, United States United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Oil Industry Drops Ballot Challenge Against California Limit on DrillingA new law that limits drilling near homes and schools is set to take effect in California after the oil industry dropped a proposal to fight it.
Source: OilandEnergy - 🏆 34. / 68 Read more »
Labour's North Sea oil and gas policy under attack from industry and activistsThe UK's biggest union and a financial supporter of Labour on Thursday staged a protest and published an open letter, urging a rethink on the oil and gas exploration ban, signed by nearly 200 local firms from Scottish towns dependent on the oil and gas industry.
Source: SkyNews - 🏆 35. / 67 Read more »
Co-operation with oil industry ‘critical’ for uptake of sustainable jet fuelUnited Airlines executive highlights need for access to pipeline networks and other infrastructure to help decarbonisation
Source: ftenergy - 🏆 47. / 63 Read more »
Co-operation with oil industry ‘critical’ for uptake of sustainable jet fuelUnited Airlines executive highlights need for access to pipeline networks and other infrastructure to help decarbonisation
Source: ftenergy - 🏆 47. / 63 Read more »
Uncertainty for Aberdeen's oil and gas industry over the race to net zeroThe oil and gas industry was once a job for life but experts have warned the transition to renewable energy could lead to thousands of job losses.
Source: itvnews - 🏆 69. / 61 Read more »
UK Oil Industry Needs Investment and Political Support to Halt Output DeclineOffshore Energies UK has said that, with the right political support and investment, the decline in UK oil production could be slowed significantly.
Source: OilandEnergy - 🏆 34. / 68 Read more »