Islamabad: After holding Pakistan Petroleum Exploration Promotion Conference (PEPC)-21012 in Houston, USA, Dr. Asim Hussain, Advisor to the Prime Minister on Petroleum and Natural Resources inaugurated PEPC Road Show in London, UK on Friday.
In his address on the occasion, Dr. Asim Hussain highlighted salient features and price incentives of recently announced Petroleum Policy 2012 and invited the investors and international 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 after the announcement 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 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 kilometres 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. He also stressed for the need of training and continuous learning process to understand the latest techniques and know-how of modern cutting edge technology. In this backdrop he also announced to plan the up-gradation of Oil and Gas Training Institute (OGTI) to the status of university to impart degree level education to young professionals in oil and gas sector of the country. He informed that he had discussed this plan with renowned academia of USA, Europe and Pakistan including Higher Education Commission (HEC).
The others who spoke on the occasion were Wajid Shamsul Hassan, High Commissioner of Pakistan in UK, G. A. Sabri former Secretary Petroleum, Qazi Mohammad Saleem Siddiqui Director General, Petroleum Concessions, Masood Siddiqui, MD, OGDCL, Asim Murtaza, MD, PPL, Peter Seitinger, Country Manager, OMV Pakistan, Lt Gen. R) Managing Director Mari Petroleum, and Country Head Schlumberger.