Masroor Khan, Chairman of the Oil and Gas Regulatory Authority (OGRA), has stated that Pakistan’s multibillion-dollar energy sector provides significant investment prospects for both local and global businesses.
Khan remarked that oil and gas, especially liquefied natural gas (LNG), are important components of Pakistan’s energy mix, accounting for 75 percent of energy supply, during his keynote speech on the second day of the 2nd Pakistan Energy Reform Summit 2022. He said that oil trade worth over $35 billion passes through Pakistani ports every year.
He went on to say that while the country’s gas supplies are dwindling, the government is taking steps to discover new resources, with a focus on LNG imports. He went on to say that four virtual LNG licenses have already been given, with almost as many applications in the works to satisfy demand.
To alleviate the shortfall, the chairman stated that a variety of efforts have been implemented, including LNG terminals and virtual storage, the development of a cross-border gas pipeline for power production, and the promotion of liquefied petroleum gas (LPG).
He stressed that OGRA has been working hard to address all of these issues and to promote private investment in the oil and gas industry by creating Third Party Access guidelines, network codes, and granting new White Oil Pipeline (WOP) permits.
The chairman reaffirmed his commitment to fully implement the OGRA Ordinance in order to encourage private investment and offer a fair playing field for the industry by encouraging competition and safeguarding consumer interests.
He stated that OGRA has demonstrated its commitment to increasing the ease of doing business in Pakistan as a regulator.
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