ISLAMABAD: Pakistan Institute of Pakistan (PIP) on Monday said the low international oil prices offered Pakistan enormous opportunities to give a big push to oil and gas exploration efforts.

Ahead of its annual conference, PIP Chief Executive Officer Asim Murtaza told a news briefing that Pakistan’s petroleum policy still offered reasonable incentives to foreign oil and gas firms despite dip in oil prices following a cut in cost of service, technology and manpower.

He said the PIP would formally launch its annual Pakistan Energy Outlook in the forthcoming energy conference beginning April 20.

Pakistan has opportunity to take advantage of the international recession in oil and gas prices as the costs of services and technology related to exploration and development had significantly dropped.

Murtaza said as a result of prevailing international oil and gas price cuts, exploration and production companies operating in many parts of the world were reducing their costs by adopting different means, which provide Pakistan a chance to attract these companies to undertake new exploration and production (E&P) activities.

Responding to a question he said that no international E&P company at present was considering to wind up operations from the country as the current petroleum policy was offering best production prices and incentives.

Mr Murtaza said the PIP was a representative body of the oil/gas companies and individuals in Pakistan and organising “Pakistan Oil and Gas Conference” on Wednesdaywith the theme: “Roadmap for a Sustainable Energy Future”.

The objective of the conference is to provide a valuable platform for local/international stakeholders and policymakers, including the government of Pakistan, to discuss and analyse the key oil and gas sector issues in Pakistan and their possible solutions. He said that the PIP is a professional, non-government body established in 1963 with a vision to establish itself as a credible energy advisory body relied upon by the Government of Pakistan, industry and academic institutions in service of national development objectives.

Published in Dawn, April 19th, 2016