ISLAMABAD: Prime Minister Shehbaz Sharif directed authorities to ensure uninterrupted gas and power supply to consumers during the holy month of Ramadan, state-run media reported this week, stressing on the exploration of Pakistan's undersea gas and oil reserves to rid Pakistan of its economic woes.
Pakistan is currently grappling with rapidly depleting energy resources. The South Asian country of 241 million people produces 3,227 MMcf/d gas annually whereas its consumption stands at 4,100 MMcf/d. One of Pakistan’s major gas utility companies, the Sui Southern Gas Company (SSGC) has warned the country’s gas reserves are likely to diminish by half by 2027 as consumption increases and reserves decline.
The country also suffers frequently from power cuts, especially in far flung rural areas due to grid issues and delays in importing fuel and hard currency shortages.
PM Sharif chaired a high-level meeting on the petroleum sector on Monday, the Associated Press of Pakistan (APP) reported. During the meeting, Sharif said it was the government's responsibility to extend facilities to the private sector and ensure protection of the rights of the consumers, especially those that belong to the vulnerable segments of society.
"Prime Minister Muhammad Shehbaz Sharif on Monday directed for ensuring uninterrupted gas and power supply to the consumers during the holy month of Ramadan," APP said.
He tasked authorities to take steps to promote global investment in exploration of Tight Gas—natural gas produced from reservoir rocks—and undersea oil and gas reserves. The Pakistani prime minister regretted that the country’s maritime area was huge but that no steps had been taken to explore its hidden natural resources.
"He stressed upon exploration of undersea natural resources including oil and gas reserves and their full utilization was among the top priorities of the government," the state-media said, adding the premier tasked officials to do away with the circular debt of oil and gas sectors, and to work out a durable solution to the crisis.
"I will not allow any more wastage of the people's hard-earned money and the loss to the national exchequer," Sharif was quoted as saying by the APP.
Chairing his first cabinet meeting on Monday, Sharif declared that bringing down inflation and getting foreign investment were his top priorities. Sharif's cabinet has taken over the reins of a country where inflation hovers around 28.8 percent and economic growth has slowed to around 2 percent.
Sharif admitted his first order of business was taking tough decisions to steer the country out of financial crisis, including negotiating a new bailout deal with the International Monetary Fund (IMF). The current IMF program expires this month.