March 15, 2007	Thursday	Safar 25, 1428

ISLAMABAD, March 14: The new petroleum policy will entail lucrative incentives for prospective local and foreign investors in the onshore and offshore oil and gas exploration.

This was stated by Federal Minister for Petroleum and Natural Resources Amanullah Khan Jadoon while talking to the senior vice president of OMV Austria, Mr Wolfgang Stock, and managing director of Fugro Robertson International, UK, Mr Richard Fowler, who separately called on him here on Wednesday to discuss investment potential in the Pakistan’s oil and gas sector, according to a press release.

The minister said Pakistan had a vast onshore and offshore sedimentary area of 827,000 square kilometres out of which around 25pc was under exploration.

He said the government was taking concrete steps to exploit untapped hydrocarbon and coal reserves to meet the growing energy needs of the country.

He said 17 new blocks in offshore and onshore areas would be opened shortly which would boost oil and gas exploration activities in the country.

Mr Jadoon appreciated OMV’s contribution for promoting oil and gas industry in Pakistan and invited the company to make more investment for the mutual advantage.

He lauded the company’s interest to increase its oil and gas exploration involvement, in collaboration with the local companies.

Mr Wolfgang briefed the minister about the OMV’s worldwide involvement in oil and gas activities, including in district Khairpur, Sindh, from where it has been producing about 550 million cubic feet gas daily by investing $450 million.

The managing director of Fugro Robertson informed the minister that his company was providing consultancy to the OGDCL in Pakistan basins study project which is aimed to identify prospects of different sedimentary basin of the country which would help promote exploration activities.

He said that the company would be participating in new blocks bidding which were under evaluation.

Secretary, Petroleum Ahmed Waqar, additional secretary Hayat Durrani, DG (Petroleum Concession) Mohammad Naeem Malik and OMV general manager in Pakistan, Mr Jeorge Wachtel, were also present during the meeting.