STAFF REPORT ISB: The oil and gas sector of Pakistan is one of the most underexplored area which needs immense exploitation from both local and foreign EandP companies. The Chinese firm Poly-GCL Petroleum Group of China has recently signed an investment pact with Ocean Petroleum Limited (OPL).
According to the agreement Poly-GCL Petroleum Group will invest about $500 million in exploration sector. The agreement phased out as seven member delegation of Poly-GCL reached out OPL during their visit to Pakistan.
The Chinese delegation was led by Chairman, Barton Yu. He said, “Pakistan is rich in oil and gas reservoirs and has immense potential for exploration of hydrocarbons.
The investor friendly policies of the incumbent government have compelled us to cash in the vast investment opportunities in oil and gas sector”.
The major concessions of OPL are natural gas/crude oil production from Ratana and Dhurnal oil/gas fields by 20 mmcfd of gas and 500 barrels per day (BPD) of oil. The gas being produced from the field is being sold at 0.25 cents to the Sui-Northern Gas Company.
The energy sector demands will be met through development of indigenous oil resources.