The Council of Common Interests has approved use of old or existing licenses, and lease agreements of petroleum exploration and production companies for exploration of new oil and gas reserves.

The approval was accorded at the 51st meeting of the Council of Common Interests which met in Islamabad today with Caretaker Prime Minister Anwaar-ul-Haq Kakar in the chair.

The meeting was informed that the decision will encourage companies to explore new gas reserves.

The meeting was further told that at present 85% of crude oil and 25% of gas consumed in the country is imported, incurring a significant foreign exchange which is a heavy burden on the national exchequer.

Source: Radio Pakistan