According to an official report, the gas shortage of one billion cubic feet (bcf) was recorded in 2011 alone, and currently it has increased to 1.8 bcf.
Owing to this, the industrial sector, CNG and the power sector have been severely affected. The main reasons described for the peril are rapid surge in the demand and less exploration.
According to a State Bank report, no exploration has been carried out since 1998 to find gas reserves. However, we have already harnessed 49 per cent of the resources out of 54 per cent so far discovered.
If the situation prevails, it is estimated that by the year 2016 the demand for gas would escalate to 6.35 bcf and this can lead to annual gas shortage of three billion cubic feet.
To overcome the gas shortage, the government is planning to include 1.5 bcf of LNG in the system, but it could only be helpful to overcome 50 per cent of the gas crisis.
The government is working on the Pakistan-Iran Gas Pipeline Project, which is a good decision. The government needs to take a few more steps.
Dr Raheel Shehzad