Pakistan wooing investors for oil exploration

Petroleum ministry invites foreign firms to take advantage of new policy.


December 11, 2012

HOUSTON: Highlighting Pakistan’s new petroleum policy and vast potential, Petroleum minister invited investors to benefit from the flexible oil and gas exploration and production pricing regime at the Pakistan Petroleum Exploration Conference, 2012 in Houston.

The Adviser to the Prime Minister on Petroleum and Natural Resources Dr Asim Hussain, at the event organised by the Ministry of Petroleum and Natural Resources, showcased Pakistan’s friendly investment policies in the oil and gas sector. The conference is being held at two important economic hubs of the world; Houston and London.

Hussain particularly drew attention to the offering of 60 new concession blocks for bidding round of the promulgation of Petroleum Policy 2012. He described the policy as one of the best in the world since it offered a level-playing field for oil and gas explorers, both local and international.

The policy offered a price up to a maximum of $6.5 per million British thermal units (mmbtu) for onshore and up to a maximum of $9 per mmbtu for offshore oil and gas discoveries.31%

Hussain also said that the Government of Pakistan for the first time in its history had formulated policies on tight gas and low British thermal unit gas while policies on shale gas, flared gas, marginal and stranded oil and gas fields will soon be announced.

Revealing the prospects of oil and gas exploration in the country, Hussain said that Pakistan was endowed with vast sedimentary area of over 800,000 square kilometres (sq km) of which over 70% is yet to be explored. Success ratio of discoveries was one discovery per 3.22 wells drilled, one of the best in the world, added the minister.

The conference was attended by representatives of leading international and local oil and gas companies. They evinced a keen interest in Petroleum Policy 2012 and appreciated its investor friendly contours.

Published in The Express Tribune, December 12th, 2012.

COMMENTS (1)

Kamal | 11 years ago | Reply

So one foreign oil company will invest $ 10 billion in Pakistan this year for gas exploration, while a Pakistan expert Dr Khan says Pakistan will produce more oil than UAE in the next five years. Should I laugh or cry at these ridiculous statements. World's leading multinational oil companies have absolutely zero interest in Pakistan because, lets be honest, our oil and gas reserves the most dangerous place in the world to live..are very, very low by int standards and secondly the murderous security situation , lack of infrastructure, Islamic mayhem etc, etc,prevent any foreign interest, forget any investment, in our Islamic Republic

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