The Cabinet Committee on Energy (CCoE) has formed a committee headed by Federal Minister for Energy Hammad Azhar to review the oil and gas exploration status and analyse amendments required in the petroleum policy to enhance the E&P activity in the country.
The decision was taken on Friday during a CCOE meeting chaired by Federal Minister for Planning, Development and Special Initiatives Asad Umar.
The meeting also discussed the draft model petroleum sharing agreement as per the Pakistan Petroleum Exploration and Production 2012 which was approved by the CCI.
The draft agreement will facilitate offshore exploration of oil and gas in the country. The law division was asked to review the draft agreement before approval.
The CCOE also reviewed the circular debt situation and power sector performance during January 2022.
The Power Division also explained the changes in the merit order dispatch of power plants due to transmission constraints and limited gas supply during January 2022.
