ISLAMABAD, July 22: Vice-president of British Petroleum (BP) lan Vann and vice-president Exploration Mike Daly called on Minister for Petroleum and Natural Resources Amanullah Khan Jadoon on Saturday and discussed with him matters pertaining to investment prospects in the oil and gas sector in Pakistan.

They exchanged views on further promoting cooperation in the oil and gas sector between Pakistan and British Petroleum for mutual advantage.

The minister briefed the BP’s executives on the investment opportunities in the upstream and downstream petroleum sector, including onshore and offshore exploration.

He said that the British company's expertise in offshore exploration would help Pakistan to tap hidden oil deposits in the sea.

He said that relations between Pakistan and BP spanned over a long time and appreciated the company's role in promoting oil and gas industry of the country.

The minister said that the government was providing a package of incentives and facilities to the prospective investors in oil and gas sector to attract investment.

He said that the execution of new production sharing agreements indicated government's clear and firm commitment to attract private investment, particularly foreign direct investment in the oil and gas sector to boost Pakistan's economy by substituting imported fuel oil.Vice-president British Petroleum, lan Vann said that his company would continue to avail the investment opportunities in Pakistan's oil and gas sector.

He said BP had been operating in Pakistan since 1977 with a focus in Badin where they had over 2,300 sq km area. He added the company had so far drilled 159 exploratory/appraisal wells resulting in 62 oil and gas discoveries with current production of 13,000 barrels of oil and 220 million cubic feet of gas per day.

He said BP Pakistan had so far made an investment of about $800 million in Badin’s joint venture. The company was renowned for its experience in offshore deep-water exploration and had best exploration records in the world.

After achieving leading position in Alaska, the North Sea and in North American gas production, the BP is now developing new fields in the deep-water off the Gulf of Mexico, Angola, Azerbaijan, and in Trinidad, he added.

Minister of State for Petroleum Mir Muhammad Naseer Mengal, Secretary Petroleum Ahmed Waqar, director general (Petroleum Concessions) Naeem Malik and BP president in Pakistan Tariq Khamisani were also present on the occasion. —APP