Energy sector: Abbasi briefs CNPC on investment opportunities

Says Pakistan has a lot to offer with its abundant resources

ISLAMABAD:

The government offers ample opportunities for investment in the energy sector as the country has been blessed with abundant natural resources, said Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi on Tuesday.

Talking to a delegation of the China National Petroleum Corporation (CNPC), the minister said the government was pursuing a multi-pronged strategy to meet the country’s growing energy needs. Additionally, relevant policies were being advanced to offer attractive incentives for investors to inject their resources, he added.

The delegation was visiting to explore areas of cooperation and investment in the country’s energy sector. The minister said Pakistan was currently developing three major projects including Gwadar-Nawabshah pipeline project with help of China, Trans-Afghanistan pipeline (TAPI) project whose ground breaking is expected next month and the north-south pipeline project.

“The Russian side has expressed willingness to collaborate with the Chinese side to achieve early completion. We would be happy if such collaboration can be achieved,” the minister remarked.

Abbasi said in Pakistan success ratio for exploration of hydrocarbon resources was high, thus the CNPC could inject investment in upstream oil and gas sector, venturing into exploration activities, either independently, or through joint venture with state owned Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL), following concession under government to government arrangements.

The minister also mentioned investment opportunities lying unexplored in offshore sector, which could be profitable for CPNC. He also appreciated the Chinese companies which were actively engaged in the energy sector, mentioning one United Energy Pakistan in particular that was producing 500 mmcfd gas and 12,000 barrels per day of oil.

He emphasised the importance of industrial parks which could be the centre of regional production and supply. He said these projects would assist the government and people of Pakistan to participate in the development of ‘One Belt, One Road’ project.

Published in The Express Tribune, November 4^th, 2015.

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