December 20, 2001	Thursday	Shawwal 4, 1422

ISLAMABAD, Dec 19: Ocean Petroleum Company, USA, will spud an exploration well in Makran off-shore in the following fair- weather in the 4th quarter next year that would be based on the interpretation of extensive 3D seismic survey carried out by the joint venture during last weather window.

According to a press release, Ocean Pakistan Limited (Ocean), a subsidiary of Ocean Energy Corporation of USA, has committed to the government to continue their exploration efforts in Makran coastal area where they held exploration licences in joint venture with Pakistan Petroleum Limited (PPL) and government Holdings (Private) Limited.

Ocean Energy is one of the leading independent oil and gas exploration and production companies in the US with considerable expertise and experiences in off-shore exploration and production. They have been active in Makran area for the last five years and have already drilled two exploration wells that provided important leads to further exploratory efforts in this area. Before that Makran region was dormant for about twenty years. The Joint Venture has made an investment of over $40 million in Makran off-shore so far.

Based on this 3D survey, the Joint Venture has identified a number of leads and prospects both in shallow and deeper waters in the area. The previous two off-shore wells were drilled by the Joint Venture in 1999-2000 using 2D seismic data.

These wells were drilled to a depth of about 12,000 feet in shallow waters. 3D survey will enable the joint venture to properly locate next well increasing changes of making first discovery in Makran off-shore. Pakistan‘s offshore area comprises some of the largest unexplored basins in the world and the government is actively promoting exploration activities through new offshore incentives.