ISLAMABAD: Oil and Gas exploration companies will invest 33.3 million dollars in eight blocks in three years.

An agreement to this effect was signed between the government and the oil and gas exploration and production companies here in Islamabad on Wednesday.

For the blocks that have discoveries, investments of several hundred million dollars will be made by these companies to develop the production.

Moreover, companies are obligated to spend a minimum of thirty thousand dollars per year in each block on social welfare schemes in their respective areas.

Caretaker Minister for Petroleum Muhammad Ali who was also present at the signing ceremony stated that these efforts will bear fruit for the country in the form of additional hydrocarbon reserves during the next few years.

The Minister said execution of the Exploration Licences and Petroleum Concession Agreements will not only enhance investment in the petroleum sector but will also contribute in bridging the energy demand and supply gap.