ISLAMABAD, June 26: Minister for Petroleum and Natural Resources Nouraiz Shakoor on Saturday said speedy development and timely completion of oil and gas projects would not only bring socio-economic progress and prosperity but also put the country on the track of self reliance in these vital fields.

The minister was talking to a delegation of businessmen and investors. He said the country was endowed with vast oil, gas and mineral resources and allout efforts were being made to exploit them at an accelerated pace to bring revolutionary development in all walks of life.

Mr Shakoor said there existed a potential and tremendous opportunity for the private sector and asked them to benefit from the incentives being offered in the oil and gas sector.

He said the government was making concerted efforts for speedy promotion and expansion of oil and gas sector to enhance productivity. He said a plan was underway to double the oil and gas production in the next 10 years.

Mr Shakoor said as a result of continuity of policies and various steps taken by the present government, a record investment was witnessed in oil and gas during the last 18 months which also helped restore the investor's confidence.

He said the government was taking concrete measures to provide basic amenities of life to the people living in far-flung and less developed areas on priority basis with a view to uplifting the lifestyle of the people and removing backwardness as quickly as possible.