OGDCL and China's CCDC sign MoU for shale and tight gas development in Pakistan
Earlier, a 40% premium was offered on respective zonal prices in the 2009 petroleum policy, but with announcement of the 2012 policy, the price incentive for tight gas exploration was withdrawn. PHOTO: FILE
Oil and Gas Development Company Limited (OGDCL), Pakistan’s leading Exploration & Production company, and CCDC, the major player in Drilling and upstream Oil field Services signed a Memorandum of Understanding (MoU) on Sunday for the development of shale and tight gas potential of Pakistan.
Federal Minister for Petroleum, Dr. Musadik Malik, in Xi’an, Shaanxi Province, China, witnessed the MoU signing ceremony during the ongoing 8th Silk Road International Expo for Investment and Trade, according to a news release received here.
The MoU highlights the commitment of both countries to developing Pakistan’s shale and tight gas potential, aiming to address the country’s energy needs through indigenous resources.
Mumtaz Ali Soomro, Executive Director (Production) of OGDCL, and Mr. Zhang Zhidong, Vice President of CNPC Chuanqing Drilling Engineering Company Ltd., signed the MoU on behalf of their respective organizations.
Pakistan’s Ambassador to China, Khalil Hashmi also attended the event.
Dr. Musadik Malik expressed hope that cooperation in the energy sector between both nations will continue to strengthen in the future, benefiting both countries mutually.
He highlighted the collaboration between Oil & Gas Development Company Limited (OGDCL) and CCDC on shale and tight gas, stating that this partnership will open a new chapter in the exploration of Pakistan’s untapped energy resources.