ISLAMABAD, Aug 30: British Petroleum Company will explore oil and gas offshore blocks covering an area of 21,000 sq-km in ultra deep water and will initially invest $50 million.

This was informed by British Petroleum President Tariq Khameasani to Petroleum and Natural Resources Minister Amanullah Khan Jadoon during a meeting here on Wednesday. He also briefed the minister about his company’s programme to undertake offshore seismic survey by the first quarter of next year.

The minister appreciated the BP’s contribution for promoting oil and gas exploration activities in the country and wished them success in their upcoming offshore exploration activities.

Mr Jadoon said the government was taking tangible steps to accelerate the pace of oil and gas exploration activities in onshore and offshore areas aimed at putting the country on the road to self-reliance in the energy sector.

The minister said the government would facilitate investors in the oil and gas exploration activities and would provide all-out cooperation in this regard.

British Petroleum has been operating in Pakistan since 1977, with a focus on Badin where it has over 2,300 sq-km areas. It has so far drilled 159 exploratory/appraisal wells, resulting in 62 oil and gas discoveries with current production of 13000 barrels of oil per day and 220 million cubic feet of gas per day. BP Pakistan has so far made an investment of approximately $800 million (net) in the Badin joint venture.

Additional Secretary Petroleum Shaukat Hayat Durrani, Director General (Petroleum Concessions) Naeem Malik and other officials of the ministry were also present in the meeting.