June 23, 2006	Friday	Jumadi-ul-Awwal 26, 1427

ISLAMABAD, June 22: British Petroleum president Steve Peacock, who is currently on visit to the country, has said the BP will invest $20 million in offshore exploration in Pakistan.

Mr Steve on Thursday called on Federal Minister Amanullah Jadoon and briefed him about his company’s investment plans in the country.

He informed the minister that his company would undertake offshore exploration jointly with OGDCL in the coming months. He appreciated the tremendous growth of Pakistan’s petroleum sector during the last few years as a result of attractive incentives and level-playing field being offered to investors by the government.

He thanked the minister for extending all out cooperation to the company involved in the onshore exploration activities for the last 20 years in Pakistan.

The minister lauded the UK oil giant’s contribution for promotion of oil and gas exploration activities in the country which was producing 12,000 barrel oil per day from Badin field.

He invited the company to participate in the forthcoming LNG, gas pipeline projects and enhance its onshore exploration activities in other parts of the country to their mutual advantage.

Mr Jadoon said that the government was according top priority to the speedy development of oil and gas sector on sound footings aimed at exploiting the untapped hydrocarbon resources to meet the growing energy needs of the country.