Govt to set up oil upstream regulatory authority

To better tackle distribution of oil and gas products across the country and tackle shortages, the federal government has drafted a bill to establish Pakistan Petroleum Upstream Regulatory Authority.

Once passed, the bill help create a body to regulate oil and gas exploration companies in the all four provinces of the country apart including issuing licenses and registering them.

The new authority will create a technical committee with experts from all four of the provinces representing each region.

According to the bill, the office will be responsible for providing policy directive to the government on the oil sector and will also determine the production price of gas.

Furthermore, the regulatory authority will keep a check on implementation of policies and conduct annual audit of upstream activities.

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