Conference: Oil and Gas Exploration in Pakistan
As a part of its drive to secure foreign investments and overcome energy crisis, a two‑day conference on oil and gas exploration in Pakistan is being organized in London (of all the places) next month. The July 23‑24 conference will comprise a series of events and interactive sessions between the various stakeholders for a share in Pakistan’s natural resources. Pakistan Exploration Promotion Conference has been arranged by the Ministry of Petroleum and Natural Resources
Similar moots have also been planned during the month of July at Houston in USA and Calgary, Canada, the two important oil cities in the western hemisphere.
Officials at the Pakistan High Commission said these events will provide an excellent platform for the international companies to be informed about the upstream oil and gas business in Pakistan and highlight potential investment opportunities in the country.
“The agenda of the events will be based around the recently approved Petroleum Policy 2009 which offers attractive incentives to potential foreign and local investors and companies,” Saira Najeeb Ahmed, Commercial Counsellor, told APP Thursday.
The latest Basin Study of April 2009,confirms the rich oil and gas potential of the country where 934 million barrels of oil has been exploited against the potential of 3675 million barrels.
Similarly, the south Asian country has gas potential of 67 trillion cubic feet of which 54 tcf has been exploited so far.
The official noted that there are still abundant reserves in Pakistan that are yet to be explored and to ramp up production from existing wells and tap into the unexplored reserves, the Government has decided to take serious measures.
Furthermore, in light of the current energy crisis, the Government has introduced a flexible and attractive package for onshore and offshore petroleum exploration through the Petroleum Policy 2009.
In last five years, the Petroleum & Natural Resources Ministry has granted 88 licenses to various Exploration and Production (E&P) companies including 16 international groups such as BP of UK, Eni of Italy, MOL of Hungary, OMV of Austria, BHP of Australia, NIKO Resources of Canada, amongst many others. The E&P industry has also committed an investment of US $ 486 Million US$ in the oil & gas sector.
Energy, Gas, Investment, Oil, Pakistan
