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

    March 30, 2023 - Nation


      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 expertise and resources, we can accelerate the energy transition and create a greener, cleaner, and more prosperous future,' remarked Ahmed Hayat Lak, MD/CEO of OGDCL.

      The secretary also claimed that the country's gas reserves are not depleting at the rate of 10% per year. The decline in gas reserves is less than 10 percent, he added. He said that they are working to revive the closed exploration fields and also to explore new discoveries. 'We will advertise offshore blocks in June,' he maintained. Meanwhile, OGDCL launched program for distribution of 100 ambulances across Pakistan. The launch ceremony took place here on Wednesday and was attended by distinguished guests. Federal Secretary of Petroleum Division, Capt (R) Muhammad Mahmood was the chief guest on the occasion.

      It was informed that most of the places where company operates are remote with limited health facilities for the locals. OGDCL provides health facilities at its locations to the locals, however in cases where emergency care is required, people face difficulty for moving the patients to hospitals. Keeping this hardship to account, OGDCL has devised a program to distribute fully equipped 100 ambulances worth Rs. 200 million to District Headquarter (DHQ), Tehsil Headquarter (THQ) hospitals and Basic Health Units (BHU) across the country. These ambulances will be distributed in collaboration with the local administration to BHUs, THQ and DHQ hospitals surrounding OGDCL operational fields. Speaking on the occasion, Federal Secretary of Petroleum Division Capt (R) Muhammad Mahmood emphasized the importance of the CSR program. He commended OGDCL for taking such an initiative to ensure health facilities for masses across the country. Secretary Petroleum gave valuable suggestions for augmenting the CSR initiatives and improving the outreach. Secretary Petroleum stressed the need for focusing on capacity building of the youth. Speaking at the launch ceremony, Ahmed Hayat Lak, MD/CEO, OGDCL, highlighted the importance of the program in country's health sector and emphasized that the initiative would help improve people's access to health services.


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