ISLAMABAD, Oct 13: Pakistan's Oil and Gas Development Company Ltd (OGDCL) hopes to enter its first overseas exploration venture next year, the firm's chief executive said in an interview ahead of a planned London listing.

OGDCL, Pakistan's largest listed firm, plans to invest about $2 billion over the next three years on exploration and production activities, including a target to drill 41 new wells in 2006-07, Arshad Nasar told Reuters in an interview.

“What we have as management looked at is to go beyond our own geography and to look at opportunities that exist elsewhere,” said Mr Nasar.

“We are looking very favourably and closely at opportunities that exist in Yemen, in Libya, in Oman, and we are open to any other opportunities,” he said.

Mr Nasar said it was too early to say when the company's first overseas venture would start, but added it could be next year.

“We hope that we should have something in place next calendar year. Something more tangible, something more firmed up,” Mr Nasar said overseas ventures would be economically viable with attractive returns, and will help the company generate more revenues.

State-run OGDCL, which produces 59 per cent of Pakistan's oil and 25 per cent of its gas, earned a net profit Rs45.8 billion ($755.65 million) in the year that ended on June 30.

The company has a market capitalisation of around $9.82 billion, and the government plans to list it on the London Stock Exchange through an issue of global depositary receipts (GDRs) by December.

Pakistani government officials have been conducting country presentations to overseas investors, which will now be followed by company roadshows.

“The OGDCL roadshows are tentatively scheduled in the first three weeks of November,” said Mr Nasar. “As of now, the time (for the listing) that has been talked about is within this year.”—Reuters