ISLAMABAD: The Pakistan division Hungarian exploration giant MOL has announced initiation of work on phase-2 of the Tal block on Wednesday under the Petroleum Policy 2012, which when completed will add 145 million cubic feet per day (mmcfd) of additional gas into the national grid.
While addressing a press conference, MOL Group Vice President Exploration and Production Alexandar Dodds expressed his commitment to Pakistan’s oil and gas exploration and production sector and that his company will continue to invest in the country to develop the key strategic area of upstream businesses.
Dodds was accompanied by MOL Group Chief Financial Officer Jozeph Simoli and MOL Pakistan Managing Director Ferenc Juhasz.
The vice president of the Hungarian exploration company expressed confidence that MOL Pakistan would further develop the Tal block from where it was already producing 300mmcfd and 16,000 barrels of hydrocarbon condensate.
“In the near future, MOL Pakistan will add another 145mmcfd from the Tal block to the national network,” Dodds said, adding that MOL had invested $1.2 billion on developing the Tal block with its joint-venture partners.
While sharing the background of MOL Pakistan’s operations in the country since 1999, he said that as the operator of Tal block joint-venture, MOL Pakistan had a number of discoveries to its credit and was now a major energy producer in the country. MOL Pakistan also holds concessions for Margala and Margala North blocks and has working interest in the Karak and Ghauri blocks.
Talking about the security situation near the field, he said that he had visited the area and found that MOL Pakistan was working to its full potential and was coordinating with all the stakeholders. The stakeholder in the region included the Government of Pakistan, Government of Khyber-Pakhtunkhawa and local communities.
While responding to a question about expansion and acquisition of blocks in the southern region of the country, Dodds said that MOL looks at such opportunities according to its own technical assessment and in line with the group’s overall strategy.
“MOL as a group is always interested in finding new opportunities, and for Pakistan the group had substantial interest in the exploration and production sector,” he added. Dodds and MOL Pakistan MD Juhasz expressed satisfaction over the current petroleum policy and hoped that it will bring more investment into the sector.
Published in The Express Tribune, September 19th, 2013.