Oil and gas exploration companies will invest $33.3 million in eight blocks over three years.
In this regard, an agreement was signed in Islamabad between the government and oil and gas exploration and production companies.
In blocks where oil and gas have been discovered, companies will invest hundreds of millions of dollars to develop production.
Further, the companies will be obliged to spend at least thirty thousand dollars annually in each block on social welfare schemes in their respective areas.
Petroleum Minister Muhammad Ali said that these efforts would bear fruit for the country in the form of additional hydrocarbon reserves in the next few years.
The minister said that the implementation of exploration licenses and petroleum concession agreements will not only increase investment in the petroleum sector but will also help in bridging the gap between energy demand and supply.
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