Petrobras, OGDC to explore oil, gas
KARACHI: Brazilian Petrobras Oil and Gas BV has joined state-run Oil and Gas Development Co Ltd (OGDCL) to explore for oil and gas off Pakistan’s coast, the OGDCL said on Friday. Petrobras had acquired 50 per cent of OGDCL’s working interest in block 2265-1 offshore Indus G, a deep-water exploration licence in the Indus basin of Arabian Sea, it said. “The execution of the agreement with Petrobras forms an integral part of the government’s drive to attract foreign investment in the oil and gas sector,” OGDCL said in a statement.
The company did not say how much OGDCL and Petrobras would invest to explore the 7,466 sq km (2,883 sq mile) block. Pakistan’s liberal exploration policy has attracted interest from foreign firms in recent years, making oil and gas one of the largest foreign investment areas, though most offshore wells drilled by Pakistani and foreign firms have turned out dry. French oil major Total, Pakistan Petroleum Ltd and Premier Oil Pakistan made unsuccessful attempts in the past few years to find hydrocarbons in deep water off Karachi. The country imports 85 per cent of its energy needs, including about $6.5 billion worth of oil in the fiscal 2005-06, and is struggling to increase domestic oil production of about 65,000 barrels a day. It hopes to produce 100,000 barrels a day within five years./thenews.com.pk