National Disaster Risk Management Fund, Oil & Gas Development Company Limited (OGDCL) Sign MoU

To promote socially responsible and environmentally friendly practices in the field of oil and gas exploration and production in line with the sustainable development goals, the National Disaster Risk Management Fund Oil & Gas Development Company Limited (OGDCL) agreed to work on joint projects

ISLAMABAD, (UrduPoint / Pakistan Point News - 3rd Nov, 2023) To promote socially responsible and environmentally friendly practices in the field of oil and gas exploration and production in line with the sustainable development goals, the National Disaster Risk Management Fund Oil & Gas Development Company Limited (OGDCL) agreed to work on joint projects.

An MoU signing ceremony in this regard here, in which Bilal Anwer CEO NDRMF and Ahmed Hayat Lak Managing Director/CEO of OGDCL signed the agreement.

Under this partnership, NDRMF intends to establish its linkages with OGDCL for larger cooperation and linkages for research and capacity development activities for socially responsible and environmentally friendly adaptations in the field.

Collaborating for knowledge exchange and capacity building in the areas of climate change, and disaster risk reduction, through the holding of seminars, workshops and events on areas of mutual interest will play a vital role in achieving the objectives.

Bilal Anwer, CEO NDRMF said that NDRMF is legally mandated to reduce the socio-economic and fiscal vulnerability of the Country and its population to natural hazards by prioritizing and financing investments in disaster risk reduction that have high economic benefits, taking into account climate change, as well as disaster risks and their impacts.

He said that through this partnership, NDRMF will provide opportunities and support to OGDCL for the socially responsible development of its business; enhance the outreach programs of OGDCL for an environment-friendly business development mechanism keeping in line with the international best practices by optimizing the global carbon emission reduction goals.

Ahmed Hayat Lak , Managing Director CEO OGDCL expressed great confidence in this partnership and said it will help us explore carbon dioxide gas capture & storage solutions and mechanisms for reductions in greenhouse gas emissions. He further stressed that OGDCL seeks to harmonize its business goals under its duly endorsed sustainability mandates of Corporate social responsibility and Health, Safety, Environment & Quality (HSEQ).

Under this agreement different sectors of OGDCL’s work will be taken care of such as carbon neutralizing and environmentally friendly project development, decarbonizing OGDCL’s operating fields, contributing to helping socially vulnerable sectors to become resilient due to effects of carbon emissions, developing innovative solutions in the areas of oil exploration and production to limit the carbon emission through carbon offsetting projects and working towards inclusion of pre-disaster resilience building initiatives.

The MOU is set to remain in force for five years, with the possibility of extension upon mutual consent. Both parties are committed to utilizing their best efforts and resources to fulfill the objectives outlined in the agreement.

This MoU reflects the strong commitment of NDRMF and OGDCL to work together towards a more sustainable and environmentally friendly future in Pakistan's oil and gas sector.