PHOTO: REUTERS
KARACHI: Pakistan Petroleum Limited (PPL) would perform offshore drilling to explore oil and other deposits in deep sea near Karachi in January 2019 and drill a total of 21 wells during the current fiscal year 2018-19.
PPL CEO and MD Saeed Ullah Shah, while presiding over the 67th Annual General Meeting on Friday, said that the firm would drill 12 new wells and attempt to search hydrocarbons in the 9 wells under progress.
"The company would invest $190 million for the oil and gas exploration and production during the year, including $20 million on offshore drilling," he said.
Moving forward, he stressed on continuing aggressive exploration activities and expanding the portfolio through participation in upcoming bidding round. Shah also emphasised on enhancing output from the producing fields and bringing new discoveries online, including tight-gas reserves along with renewed focus on exploring shale gas potential, a press statement from the company added.
The AGM approved a final cash dividend of 15% on ordinary shares together with 15% bonus shares.
Published in The Express Tribune, October 27th, 2018.
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