Country needs quick fix to avert winter gas crisis.

ISLAMABAD -- International power politics, Russia's Ukraine attack and after effects of Corona pandemic have landed many countries in an arena of energy shortage with countries booking their quota for winter season in advance.

Both the developed and the developing countries are in a struggle to steer out from this crisis with recent months hike in petroleum and gas exerting extra pressure on economies and people across the globe.

Pakistan is no exception to the global energy crisis which is worsening with each passing day and there is dire need for a quick fix to the problem in view of previous government's failure in materializing contracts with international gas suppliers at an appropriate time and affordable prices.

The country largely depends on imported gas as its own natural reserves are depleting at the rate of 10 per cent annually and the international market is short of Liquefied Natural Gas (LNG).

The domestic gas extraction varies around 3.5-7 Billion Cubic Feet per Day (BCFD) against the demand of 8 BCFD and it is difficult for any government to meet domestic, commercial and industrial sectors' needs efficiently.

Besides, it is a harsh reality that Exploration and Production (E and P) companies, operating in potential areas, made no major discoveries for long.

The situation continued to worsen despite claims of the respective governments to overcome this problem. The experts believe that in present circumstances LNG and LPG could be the immediate remedy to fill supply and demand gap, besides successful execution of Iran-Pakistan (IP) and Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline projects.

Meanwhile, Minister of State for Petroleum Dr Musadik Malik has cautioned that arranging LNG for the peak winter needs will be a big challenge. 'It is unfortunate that the PTI government did not procure the LNG cargoes, available last year at reduced rate of $4 per MMBTU (Metric Million British Thermal Unit) for 2-4 years.'

'Today we are bearing brunt of their negligence of not signing long-term agreements with LNG exporters as the international market is sluggish in responding to our tenders even on increased price,' he added.

He said when we approach exporters, they question us why we had not signed contracts for LNG import when the entire Europe was making deals for purchasing cheaper gas during last winter.

'We are left speechless to defend our position for a blunder committed by the incompetent PTI government,' he said...