Govt to issue 100 licenses for oil, gas exploration

ISLAMABAD: The government on Thursday announced new petroleum policy for the year 2009.Addressing a press conference here, Advisor to Prime Minister for Petroleum & Natural Resources, Dr. Asim Husain said that over 100 licennses would be issued for oil and gas exploration in the country. He said the new liberal policy will attract local and foreign investors and the government will provide them with all facilities in this regard.Dr. Asim said the policy aims at enhancing Pakistan’s energy security and meeting country’s requirements for a period of three to four years. He said the country is producing 67000 barrels of oil per day. The advisor further said that 40 percent income tax would be levied on oil and gas sector.