Exploring unconventional gas reservoirs: ENI to form joint venture with PPL

The oil and gas exploration company ENI has expressed interest to invest in exploring unconventional gas reservoirs in a joint venture with Pakistan Petroleum Limited (PPL), Business Recorder has learnt. Ministry of Petroleum will table 'tight gas policy' before the Council of Common Interests (CCI) in its next meeting in a bid to provide incentives to exploration companies enabling them to carry out activities for exploring unconventional reservoirs.
The Managing Director, ENI, Paulo Giraudi, stated this at a meeting with the Federal Minister of Petroleum and Natural Resources, Syed Naveed Qamar on Tuesday and briefed him on the status of ENI activities in the country. The Petroleum Minister said that the tight gas policy would soon be tabled before the Council of Common Interests (CCI) forthcoming meeting paving way for ENI and other interested companies for development of the much needed unconventional reservoirs.
ENI will form joint venture with PPL to carry out activities in exploring tight gas reserves to enhance indigenous gas reserves for overcoming energy crisis in Pakistan. "Though ENI has found one offshore well dry but we are still interested in carrying out more exploration activities in offshore," MD ENI said. Meanwhile, according to a statement Naveed Qamar lauded the company's valuable contribution in meeting the much needed energy requirements and oil and gas assets development in the country. He expressed satisfaction over the on-going exploration and production being carried out by ENI and emphasised further acceleration in the face of growing energy demands of Pakistan.
Naveed Qamar expressed his desire to see the E&P companies expanding their operations by bringing more investment in upstream E&P sector. Syed Naveed Qamar discussed progress in the three offshore blocks where the company is engaged in its operations and reiterated that the government had formulated Petroleum policy 2009 to provide more incentives in terms of pricing mechanism and regulatory framework for development of Pakistan's vast onshore and offshore sedimentary areas.
The minister also appreciated the efforts ENI has undertaken for long-term support to the families of the victims of plane crash that took place a few months ago, as well as for the company's generous contribution for flood relief. Giraudi thanked the minister for his support and assured continued co-operation on his behalf.