KARACHI: MOL Group of Hungary and Mari Petroleum on Thursday announced plans to expand partnership in oil and gas exploration in Pakistan and abroad.
The two oil and gas exploration and production (E&P) firms have also inked a memorandum of understanding (MoU) for increased collaboration.
“The strategic cooperation between the two petroleum exploration companies envisages exploring opportunities jointly in Pakistan, the Middle East, African continent and CIS region, especially the Russian Federation and Kazakhstan,” MOL said in a press statement.
The MoU was signed by MOL Group Executive Vice President Upstream Berislav Gaso and Mari Petroleum MD/CEO Ishfaq Nadeem Ahmad at the MOL Group headquarters in Budapest, Hungary.
Earlier, the two firms also established a successful partnership in the Karak joint venture in Pakistan.
“With the signing of the MoU, we look forward to expanding our relationship in exploration and production opportunities internationally, while continuing to grow our relationship in Pakistan,” Ahmad said.
“The two companies with a robust financial background have desired through this MoU to exchange technical knowledge and industry experiences, allowing for further discussion of potential in local and international upstream growth synergies and possible partnerships,” it said.
“The company (MOL) has acquired institutional knowledge, that coupled with MOL Group’s technological edge, can help create value beyond MOL Group’s current operational portfolio in Pakistan. We look forward to this new partnership for exploring new business potential at the global level,” Gaso said.
MOL Group is Pakistan’s largest foreign producer of oil and gas while Mari Petroleum Company manages and operates the country’s largest gas reservoir (in terms of current reserves) at Mari field.
The group operates in over 40 countries worldwide. It is currently engaged in production activities in eight countries and has exploration assets in 13 other. Mari Petroleum enjoys 71% exploration success rate, which is much higher than the industry average of 33% in Pakistan and 17% at international level, the statement added.
Published in The Express Tribune, October 13th, 2017.