ISLAMABAD, Dec 1: The Mari Gas Company Limited (MGCL) signed on Saturday an agreement with the Honghua Petroleum Equipment Company Limited to import a brand new oil and gas drilling rig from China.

According to a statement issued by the company, the agreement was signed by Mr Ren Jie, Vice President (Procurement, Quality and R&D) of Honghua Petroleum Equipment Company Limited and Mr Shamim Ahmed Bhatti, Senior General Manager of MGCL in the presence of Mr. Zhang Mi, Chairman Honghua and Lt-Gen Imtiaz Shaheen (retd), Managing Director of MGCL.

The drilling rig will be delivered to the MGCL in five months. It has the capacity to drill up to 5,000 metres depth.

The management of the MGCL is of the view that the purchase of new rig will help the company implement its exploration and development plans in an effective and cost efficient manner which will also boost exploration and production activities in the country by meeting the handicap of non-availability of rigs being faced by the E&P sector.

The company also plans to buy more rigs in the future to meet its operational requirements.