Five major E&P companies allocate substantial resources for green hydrogen fund.

Five major exploration and production (E and P) companies are setting up a green hydrogen fund and have allocated substantial resources for the purpose.

'We are allocating huge funds for green hydrogen production, and after the establishment of the hydrogen fund, other countries in the region will also join the race,' Muhammad Mahmood, Federal Secretary Petroleum Division, said at the MoU signing ceremony of the establishment of green hydrogen project here. He said that all the companies have allocated sufficient amount for the fund. Leading exploration and production (E and P) companies Oil and Gas Development Company Limited (OGDCL), Pak-Arab Refinery Limited (PARCO), Pakistan Petroleum Limited (PPL), Mari Petroleum Company Limited (MPCL), and Government Holdings Private Limited (GHPL) have signed a memorandum of understanding (MoU) to explore and pursue green hydrogen opportunities within and outside Pakistan. The collaboration aims to drive the energy transition towards a more sustainable future, leveraging each company's expertise and resources.

The MoU was signed by Ahmed Hayat Lak, MD/CEO OGDCL; Shahid Mahmood Khan, MD PARCO; Imran Abbasy, MD/CEO PPL; Fahim Haider, MD/CEO MPCL; and Masood Nabi, MD GHPL on behalf of their respective companies. Federal Secretary of Petroleum Division, Capt (R) Muhammad Mahmood, witnessed the MoU signing ceremony held here on Wednesday at the OGDCL head office, Islamabad. Under the MoU, OGDCL, PARCO, PPL, MPCL, and GHPL will consider joint venture projects and areas of mutual cooperation for green energy initiatives. Companies will also establish a joint fund to raise equity for hydrogen projects. As a first step, feasibility will be conducted to formally initiate the project. Through this fund the companies will work for the use of green hydrogen energy. The MoU will be initially effective for two years from the date of signing, with the option to extend by mutual agreement. The energy giants will lead the pursuit of green hydrogen projects, engaging consultants and advisors subject to the agreement of the other parties. Secretary Petroleum said: 'We are trying to encourage oil and gas companies to promote green energy'. 'This collaboration is a significant step towards building a more sustainable future for Pakistan and beyond,' said Petroleum Division said. 'We are confident that by leveraging our collective...