Govt planning to set up petroleum regulatory authority

ISLAMABAD: The government is working on a plan to set up an independent Pakistan Petroleum (Exploration and Production) Regulatory Authority (PPEPRA) on the pattern of National Electric Power Regulatory Authority (Nepra) in a bid to define policy and regulatory functions for the upstream sector as well as attract investment and develop a resource base.

Work on establishing the authority got under way after several foreign companies pulled out of Pakistan in the past few years in the wake of bureaucratic hurdles and policy issues.

Now, the independent authority, when established, will provide a level playing field for the investors seeking to pour capital into the upstream petroleum sector.

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