Islamabad, December 11, 2012 (PPI-OT): Dr. AsimHussain, Advisor to the Prime Minister on Petroleum and Natural Resources while delivering a key note address at the Pakistan Petroleum Exploration Conference, 2012 sponsored by E and P companies/service companies and organized by Ministry of Petroleum and Natural Resources at Hilton Post Oak, Houston, USA, highlighted the salient features of recently announced Petroleum Policy, 2012 and invited the investors and International E and P companies to come forward and invest in Pakistan to benefit from attractive price regime and other incentives provided in the policy.
Ministry of Petroleum and Natural Resources has arranged holding of Pakistan Exploration and Promotion Conference, 2012 in two important economic centers of the world; Houston (USA) and London (UK) aiming to showcase the investment friendly policies of the present government in oil and gas sector, particularly offering of 60 new concession blocks for bidding round aftermath of the promulgation of Petroleum Policy, 2012. Dr. Asim Hussain termed the policy as one of the best in the world since it offers level playing field for E and P companies, both local and international ones.
The policy offers price up to a maximum of US $ 6.5 per MMBTU for onshore and up to a maximum of US $ 9 per MMBTU for offshore oil and gas discoveries. He also informed that Government of Pakistan for the first time in its history has formulated policies on Tight Gas and Low BTU Gas while policies on shale gas, flared gas, Marginal and Stranded oil and gas fields will soon be announced.
As regards the prospects of oil and gas exploration in the country, Dr. Asim Hussain pointed out that Pakistan is endowed with vast sedimentary area of over 800,000 square kilo-meters of which over 70% is yet to be explored. The success ratio of oil and gas discoveries is one of the best in the world as is evident from the success ratio of 1 : 3.22 discovery rate.
The other speakers who spoke on the occasion were Mr. Aquil Nadeem, Counsel General of Pakistan Houston, Mr. G. A. Sabri, former Secretary Petroleum, Qazi Mohammad SaleemSiddiqui Director General, Petroleum Concessions, Mr. Masood Siddiqui, MD, OGDCL, Mr. Asim Murtaza, MD, PPL, Mr. Peter Seitinger, Country Manager, OMV Pakistan. Mr. Peter Seitinger of OMV, Pakistan informed the audience of his company’s work experience in Pakistan and said that his company benefitted immensely from the investor friendly policies of the Government of Pakistan and the overall experience was very rewarding for OMV.
The conference was attended by the leading international and local oil and gas companies. They evinced keen interest in new Petroleum Policy, 2012 and appreciated its investor friendly contours which will go a long way in attracting the much needed foreign investment and subsequent discoveries to ensure the energy security of the country.
During the conference, a signing ceremony between the Government of Pakistan, GHPL, OGDCL, PPL, United Energy of Pakistan (UEP) and ENI was held regarding farm-in farm-out of shares in Indus-G off shore block of ENI.
The conference was followed by a Question Answer session from the potential investors and E and P companies seeking certain queries in the context of oil and gas sector and policies of the government.
They were informed that law and order situation has considerably improved as compared to the past though there is still room for further improvement in some areas for which efforts are afoot to bring normalcy in law and order situation.the second leg of the PEPC, 2012 and Road show will be held on 13-14 December, 2012 in London, UK.
For more information, contact:
Ministry for Petroleum and Natural Resources
Tel: +9251 921 0220 -9206416
Fax: +9251 921 3180