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ISLAMABAD: Official sources in the Ministry of Petroleum and Natural Resources said on Tuesday that an amount of Rs 48,597,608 is outstanding against eight exploration and production (E&P) companies operating in the Balochistan province.
They said that the outstanding amount is on account of ‘essential financial contribution in social sector’ against the said companies. The sources gave the break-up of this owed amount as Rs 6,466,349 pending against Dewan, Rs 8,419,894 against Heritage, Rs 6,060,084 against Hycarbex, Rs 13,275,814 against Nativus, Rs 682,546 against Pakistan Oil & Gas Investment Limited (OGIL), Rs 1,825,771 against PEL, Rs 7,894,486 and Rs 397,266 against RDC.
In response to a question the sources said that licenses of all oil and gas companies who have failed to start exploration work as per their obligations would be revoked. The government had also tightened the noose around non performing E&P companies and revoked 11 such permits recently, they added. They also told that action was being taken against the inactive E&P companies holding licenses for last several years without any ground work. Currently there were a total of 26 such cases, out of which four would be revoked shortly after completing all formalities. They said that licenses were not canceled instantly but these companies were given notices and provided an opportunity to present their cases. Licenses were only revoked after all process was completed in a transparent manner, they added.
