Islamabad, Jul 10 (IANS): Pakistan is working on a new policy for the petroleum sector after it failed to attract investments for the exploration of oil and gas.
Petroleum Minister Asim Hussain said a draft of the policy is nearly ready.
"It will offer better incentives to exploration and production companies and attract more foreign investment in the sector," Dawn quoted the minister as saying.
Hussain said the previous policy formulated in 2007 offered less attractive incentives.
"Accelerating the exploration and development programme to reverse the decline in crude oil production and increase domestic gas production and supply is necessary," the minister added.
A petroleum ministry official said that Pakistan produces four BCFD (billion cubic feet daily) of gas.