ISLAMABAD, Aug 10: British oil exploration and production firm Premier Oil Plc plans to invest about $40 million in a Pakistani offshore exploration joint venture, the petroleum ministry said on Wednesday.

Premier Oil Chief Executive Simon Lockett said the firm planned to drill a well with its partner, Shell Pakistan, in an area called the Indus Basin, off southern Pakistan, the ministry said.

The drilling will be carried out when the weather improves after the rainy season later this year, the ministry said in a statement after Lockett met Petroleum Minister Amanullah Khan Jadoon.

Pakistan hopes Premier Oil would invest more in both onshore and offshore exploration, the ministry said.

Premier Oil Pakistan also plans to drill an exploration well in Jhangara Block off Sindh next month, the ministry said.—Reuters