HOUSTON: Highlighting Pakistan's recently announced petroleum policy and the country's vast potential, Dr. Asim Hussain, Advisor to the Prime Minister on Petroleum and Natural Resources, has invited investors to benefit from the price regime.
He was speaking at the Pakistan Petroleum Exploration Conference, 2012 sponsored by E & P companies / service companies and organized by Ministry of Petroleum and Natural Resources.
As part of efforts to showcase Islamabad's friendly investment policies in oil and gas sectors, the Ministry of Petroleum and Natural Resources is holding Pakistan Exploration and Promotion Conference, 2012 in two important economic centers of the world; Houston and London.
He particularly drew attention to the offering of 60 new concession blocks for bidding round of the promulgation of Petroleum Policy, 2012. Dr. Asim Hussain described the policy as one of the best in the world since it offers level-playing field for E & P companies, both local and international.
The policy offers price up to a maximum of US $ 6.5 per mmbtu for onshore and up to a maximum of US $ 9 per mmbtu for offshore oil and gas discoveries.
He also informed that government of Pakistan for the first time in its history has formulated policies on Tight Gas and Low BTU Gas while policies on shale gas, flared gas, Marginal and Stranded oil and gas fields will soon be announced, a news release said.
As regards prospects of oil and gas exploration in the country, Dr. Asim Hussain underlined that Pakistan is endowed with vast sedimentary area of over 800,000 square kilometres of which over 70% is yet to be explored. The success ratio of oil and gas discoveries is one of the best in the world as is evident from the success ratio of 1 : 3.22 discovery rate.
The other speakers included Aquil Nadeem, Counsel General of Pakistan, Houston, G. A. Sabri, former Secretary Petroleum, Qazi Mohammad Saleem Siddiqui Director General, Petroleum Concessions, Masood Siddiqui, MD, OGDCL, Asim Murtaza, MD, PPL, Peter Seitinger, Country Manager, OMV Pakistan.
Peter Seitinger of OMV, Pakistan informed the audience of his company's work experience in Pakistan and said that his company benefitted immensely from the investor friendly policies of the Government of Pakistan and the overall experience was very rewarding for OMV.
The conference was attended by representatives of leading international and local oil and gas companies. They evinced a keen interest in new Petroleum Policy, 2012 and appreciated its investor friendly contours, which would go a long way in attracting the much needed foreign investment and subsequent discoveries to ensure the energy security of the country.
During the conference, a signing ceremony between the Government of Pakistan, GHPL, OGDCL, PPL, United Energy of Pakistan (UEP) and ENI was held regarding farm-in farm-out of shares in Indus-G off shore block of ENI.
During the question-answer session, potential investors and E & P companies seeking sought to know about oil and gas sector and policies of the government. They were informed that law and order situation has considerably improved as compared to the past.
The government is making efforts to improve law and order. The second leg of the PEPC, 2012 and a road show will be held on 13-14 December, in London.
Comments
Comments are closed for this article.