Pakistan
offers 53 blocks for oil exploration: Dr. Asim
Hussain
Pakistan has offered 53 blocks
of oil and gas rich areas for exploration by multinational companies on the
occasion of Pakistan oil and
gas exploration promotion conference being held in London 23rd to 24th July 2009. In his keynote
address Prime Minister’s Advisor on Petroleum and Natural Resources Dr. Asim Hussain highlighted huge untapped exploration
potential in Pakistan as
total endowment of hydrocarbons in Pakistan is estimated 27 billion
barrels of oil and 280 trillion cubic feet of gas of which only 3.4% of oil and
19% gas has been explored 80 far. Dr. Hussain said that with success ratio of
1.3 and highly attractive terms of engagement under new petroleum policy 2009
and availability of large number of acreages makes Pakistan land of opportunities for
any hydrocarbon explorer.
Pakistan comprises more than
800,000 sq. km. of offshore and onshore sedimentary basin (oil and gas rich)
areas where only 742 exploratory wells have been drilled so far, these have
resulted in more them 221 discoveries containing about, one billion barrels of and 53 trillion cubic feet or 8 billion barrels oil
equivalent of gas.
Pakistan’s High Commissioner to
UK Mr. Wajid Shamsul
Hasan in his welcome address highlighted the significance of strategic location
of Pakistan and said that
the country being gaterway to the energy rich central
Asia the financially liquid Gulf
States and the East Asian Tiger Economies remains and
ideal destination for investment. He said that oil and gas sector in Pakistan has
seen phenomenal growth. Over the past half century the petroleum industry has
played a significant role in economic development, by making large indigenous
gas discoveries.
He further informed that Pakistan meets about 15%
of its oil developed from local sources. Oil and gas are major components of Pakistan ’s energy mix meeting over 79% energy needs and therefore,
successive governments since independence have attached high priority to these
section.
He said that present democratic government seeks to
promote foreign investment in upstream petroleum sector with the view to
exploit indigenous hydrocarbon resources in an optimum manner for the benefit
of the nation whitest maximizing returns for the foreign investors.
Special Secretary Petroleum and Natural Resources
Mr. G.A. Sabir made a presentation on the salient
features of petroleum Policy 2009 and brieted about
lucrative fiscal terms for on shore and shore exploration. Mr. Zahid Hussain Chairman, briefed on oil and gas rich areas
of Pakistan .
A large member of investors from UK and the multination already working
successfully in Pakistan
are participating in the conference.
London
July 24,
2009
