Islamabad: Managing Director, Mari Gas Limited, General (Retd) Nadeem Ahmad called on the Finance Minister Senator Mohammad Ishaq Dar at the Finance Ministry on Thursday.
Managing Director Mari Gas briefed the Finance Minister on the working model, operational capacity and level of efficiency of Mari Gas, now changed to Mari Petroleum, as the Organization has ventured into petroleum business.
According to MD, the well success ratio of Mari Petroleum in its hydrocarbon exploration has been 1;1.4 which is extremely optimistic.
He said that the success ratio of other international companies in Pakistan is 1;3.3 and it is almost 1;7 around the world. It has also been discovered recently over, 5000 bpd from Jhelum and it is likely that more discoveries will be made in this region. The Managing Director discussed various issues pertaining to oil and gas exploration in the country.
The Finance Minister said that the successful companies adopt market based business model and protect rights of the shareholders in order to achieve success.
He appreciated the desire of the company to invest more funds into exploration side. The Finance Minister said that it is always his belief that Pakistan is rich with minerals and natural resources and we need to restructure our priorities and focus more on providing facilities to exploration companies.
“Government is looking forward into channelling more and more resources in discovering new oil field in the country as our country is bestowed with valuable natural resources by nature, he added.” We need expertise and honest management to make full use of these resources, said the Minister.
The meeting was also attended by Dr. Waqar Masood, Finance Secretary, Rana Assad Amin, Advisor to Finance Ministry, Mr. Shahid Mahmood, Special Assistant to Finance Minister and senior officials of the Ministry of Finance.