US-based firms express interest in oil, gas exploration

Published: December 21, 2018
Email
PHOTO: Reuters

PHOTO: Reuters

KARACHI: A group of US-based oil and gas exploration companies have expressed keen interest in investing in exploring hydrocarbon deposits in Pakistan in partnership with a state-owned domestic firm.

“A group of US companies comprising Alpha Petroleum Services and holding company RigMax, headed by CEO Truman Wright, visited Pakistan Petroleum Limited (PPL) today (Thursday) to discuss collaboration,” a PPL statement said.

“They expressed interest in investing in upstream E&P (exploration and production) activities in Pakistan. They have shown keen interest in participating jointly with PPL in the upcoming bidding round.”

Wright expressed satisfaction over the prevailing investment climate and improved security situation in Pakistan. He was of the view that “this is the right time for foreign companies to enter Pakistan’s E&P business”.

They also offered their expertise in drilling horizontal wells, which would be extremely beneficial for the exploitation of shale and tight gas reserves in the country.

PPL MD Saeedullah Shah briefed the delegation on E&P activities in Pakistan. He specifically mentioned the huge shale and tight gas/oil potential in the country.

He highlighted the potential of unexplored onshore Frontier Basin including Balochistan and shallow and deep offshore basins. He invited the visiting American companies to bring their experts to the PPL data room with a view to identifying the areas of possible joint ventures.

Published in The Express Tribune, December 21st, 2018.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.

Facebook Conversations

More in Business