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LONDON, June 25 (APP): 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 organised in
the British capital next month. The July 23‑24 Pakistan
Exploration Promotion Conference arranged by the Ministry of Petroleum and
Natural Resources will comprise a series of events and interactive sessions
between the various stakeholders for a share in South Asians country 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.
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