Islamabad, Advisor to Prime Minister on Petroleum Dr. Asim Hussain says new petroleum policy focusing on enhancing oil and gas production in the country will be announced soon.
He told newsmen here Wednesday that under new policy, gas production will be increased up to one billion cubic feet daily. He said now revenue collected from gas will be distributed equally among the provinces and the federation.
Dr. Asim said tenders for new 17 blocks to explore oil and gas will be floated shortly. Additional royalty will be given to companies on exploring new gas reservoirs.
On fixing prices of petroleum products on weekly basis he said it has been adopted in order to control hoarding.