Prime Minister Shehbaz Sharif has constituted a committee under the chairmanship of Deputy Prime Minister Ishaq Dar to formulate proposals for an attractive policy for oil and gas exploration in the country after consultations with the stakeholders.

During a meeting with a delegation of Petroleum and Gas Exploration and Production companies in Islamabad today, he said exploring domestic oil and gas reserves is the government's priority.

He invited the petroleum and gas exploration and production companies to search for  offshore reserves. He said production from local reserves will save the country's valuable foreign exchange, and oil and gas will be cheaper for the common man.

The Prime Minister directed the authorities concerned to address the problems facing the sector on priority basis.

On the occasion, petroleum and gas exploration and production companies announced to invest five billion dollars in Pakistan over the next three years. During this period, two hundred and forty sites will be drilled in search of petroleum and gas.