Cash bleeding SOEs face loss of Rs429 bn in two years — II Top Story March 10, 2021 ISLAMABAD: The line ministry for all SOEs in the oil and gas sector is M/o Energy. The Petroleum Division of M/o Energy deals with oil and gas sector while the power sector companies are under the purview of Power Division. These include oil and gas (8), exploration & development (3), marketing & distribution (3), refineries (2). Overall, the oil and gas companies remain the backbone of the GoP SOE portfolio and have consistently remained on the forefront of new exploration initiatives, even in the frontier areas. It is expected that with enhanced pricing initiatives and improved law and order situation, the oil and gas entities will fare better in the years to come. Overall, this sector witnessed 26 percent increase in net revenue compared to the last year. The net profit stands at Rs242 billion with sub sector exploration leading with net profit of Rs212 billion.