ISLAMABAD, Feb 2: Federal Minister for Petroleum and Natural Resources Amanullah Khan Jadoon has said that the government is opening 17 new blocks for oil and gas exploration in onshore and offshore areas.

The minister was talking to the President of Rally Energy Corporation of Canada, Mr Abby Badwi, who called on him on Friday and discussed with him investment potential in the oil and gas sector.

Mr Jadoon said there was a lot of potential for foreign investors in the upstream and downstream petroleum sector and invited the Rally Energy to participate in the biddings for promoting friendly relations between the two countries.

The minister said that the government was formulating a new petroleum policy containing attractive incentives for the prospective investors in the onshore and offshore oil and gas exploration being announced shortly.

During the meeting, Mr Abby Badwi briefed the petroleum minister about profile and oil and gas activities being carried out by the Rally Energy in Egypt, Western Canada and Pakistan.

He said the Rally Energy had working interest in Safed Koh Block in Dera Ghazi Khan where the joint venture had made successful discovery of gas reserves.

Mr Badwi appreciated the speedy growth of petroleum sector in Pakistan during the last few years and assured that the Rally Energy would continue to avail investment opportunities for mutual advantage.

Additional secretary petroleum Shaukat Hayat Durrani, director-general (Petroleum Concessions), Mr M. Naeem Malik, and vice-president of Rally Energy in Pakistan, Mr A. Faheem, were also present during the meeting.