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March 10, 2006
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Friday
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Safar 9, 1427
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BP invited to invest in oil, gas sector
By Our Reporter
ISLAMABAD, March 9: Petroleum and Natural Resources Minister Amanullah Khan Jadoon has said that there exists a lot of potential in onshore and offshore exploration activities, besides privatization of state-owned oil and gas units.
The minister was talking to a four-member delegation of British Petroleum Group led by its chief executive Tony Hayward here on Thursday.
Mr Jadoon discussed with the delegation investment opportunities in the oil and gas sector. He also invited the British group to take advantage of these opportunities for the mutual benefit. Petroleum secretary Ahmed Waqar was also present in the meeting.
The minister pointed out that the government had provided an attractive package of incentives in the petroleum exploration and production policy 2001. “Pakistan also has vast under-explored offshore/onshore areas which ought to be exploited in near future.”
While lauding BP’s contribution towards the promotion of oil and gas industry in Pakistan, the minister said British Petroleum could make joint ventures with public sector companies like OGDCL and PPL for oil and gas exploration and production activities in Pakistan and asked the company to bring technology to develop marginal oil and gas fields. He briefed the delegation about oil and gas exploration and privatization activities in Pakistan.
Tony Hayward said BP would continue to play its due role for the promotion of oil and gas industry of Pakistan. He said the company had already submitted a bid for the awarding of offshore exploration block which would be opened by the end of this month.
He told the minister that BP was also interested in taking part in the privatization activities in Pakistan. Mr Hayward said that at present BP held a total of 47 oil and gas leases and was producing around 11,717 barrels of oil and 235 mmcf of gas per day from its Pakistani fields. BP had long and commendable history in Pakistan and it would make further investment in the oil and gas exploration activities in the days ahead, he added.
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