PESHAWAR: FPCCI’s presidential candidate Daroo Khan Achakzai on Saturday said oil and gas reserves in the Khyber Pakhtunkhwa (KP) province should be exploited to ensure an economic turnaround.
“Local gas can not only change the fate of the country but it will reduce dependence on costly LNG to save foreign exchange and trigger economic activities,” he said.
He said that the province can be dubbed as a new geological frontier for oil and gas as it holds nine trillion cubic feet of recoverable gas reserves and 500 million barrels of oil which must be exploited.
Daroo Khan Achakzai said that investment in the KP oil and gas sector can trigger development, reduce unemployment and overcome militancy.
He said that KP province is producing half of the oil of the total national output, 350 tons of LPG per day, while 10 percent of the gas which is also being provided to the other provinces but it’s well below the actual potential.
He said adding that some companies are actively participating in exploring activities while others companies are not playing an active role due to security considerations.
The business leader said that dozens of foreign exploration companies are interested in investing in KP oil and gas sector provided their reservations are tackled properly.
Achakzai noted that military operation has improved the security situation but foreign investors are awaiting further improvement before initiating business.
He said that employing the latest technology can increase the volume of recoverable oil and gas reserves which will help Pakistan.