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Islamabad: The Standing Committee on Energy (Petroleum Division) has taken serious notice of the weak regulatory oversight that has led to the misuse of Corporate Social Responsibility (CSR) funds and the non-realization of the Production Bonus and Training Fund for capacity building by exploration and production companies. The committee, chaired by Syed Mustafa Mehmood, MNA, convened at Parliament House to discuss the allocation and utilization of these funds.
According to National Assembly of Pakistan, the Secretary of the Ministry of Energy (Petroleum Division) briefed the committee on the transparency of CSR fund usage by exploration and production companies. He explained that Petroleum Policies from 1994 to 2012 require companies to allocate funds for local welfare initiatives, including health, education, and infrastructure development. The policies also mandate investments in training and capacity-building initiatives, with Production Bonus contributions regulated by existing policies. Oversight is conducted by local authorities, and audits by the Auditor General of Pakistan ensure accountability.
The committee expressed concerns over the weak regulatory measures in place and agreed to form a subcommittee to draft new guidelines for the efficient use of CSR funds, production bonuses, and training funds. Additionally, the committee directed companies to implement measures to mitigate climate change impacts through energy-efficient operations and reduced emissions.
The meeting included attendance by several Honourable MNAs and senior officers from the Ministry and its departments.
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