Rs40bn approved for Oil and Gas investment in KP

The provincial cabinet has approved a hefty amount of Rs 40 billion to be invested in oil and gas sector of the newly merged districts and other districts of the province. The proposed investments will be funded under Accelerated Investment Programme (AIP) and oil and gas royalty. However, the investment is subject to the availability of funds.

Secretary Energy & Power Mohammad Zubair has said that Rs.40 billion will be given to Khyber Pakhtunkhwa Oil & Gas Company Limited (KPOGCL) in phases during next 10 years to invest in oil and gas blocks as joint venture partner. The investment besides, generating a receipt of about Rs.10 billion to 15 billion per annum for the provincial government will also boost the economy of the province and improve the livelihood of the people.