HOUSTON, Texas: Touted as the worldâ€™s best petroleum policy, Dr. Asim Hussain, Adviser to the Prime Minister of Pakistan on Petroleum & Natural Resources, in his inaugural speech, informed about the salient features of this new Government of Pakistan Petroleum Policy 2012. He invited American & International Investors to bid for 60 new concession blocks, at the first of two Pakistan Petroleum Exploration Conferences 2012 in Houston on December 10 & 11, 2012.
This Houston symposium was sponsored by several Exploration, Production, & Services Companies, while put together by Pakistanâ€™s Ministry of Petroleum and Natural Resources. A similar second conference will be held in London UK on December 13 & 14, 2012. Second days of both the Conferences are to be spent on one-on-one meetings opportunities for prospective companies, wanting to bid on projects in Pakistan.
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.
During the question-answer session, potential investors and E & P companies seeking sought to know about 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, while any Governmental (Bureaucratic) Red Tape is being considerably reduced by making the bidding process electronic. Talking about the security situation in Pakistan, Dr. Asim Hussain said when the chips are down, they always later on come up. â€œPresently the chips are coming upwards, as far as getting towards better & better security situation in Pakistan,â€ added Dr. Hussain.
OMV is an Austrian company engaged in Energy and Power (E & P) Sector in Pakistan since 1991. Peter Seitinger of OMV, Pakistan informed the audience of this Houston Conference about his companyâ€™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. â€œWe have made sure to establish shield against security concerns by investing in the community development programs & projects to develop necessary infrastructure for common people,â€ informed Mr. Seitinger.
According to the Associated Press (AP), as part of efforts to showcase Islamabadâ€™s friendly investment policies in oil and gas sectors, the Ministry of Petroleum and Natural Resources is holding Pakistan Exploration and Promotion Conference, 2012 in two important economic centers of the world; Houston and London.
He particularly drew attention to the offering of 60 new concession blocks for bidding round of the promulgation of Petroleum Policy, 2012. Dr. Asim Hussain described the policy as one of the best in the world since it offers level-playing field for E & P companies, both local and international.
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, a news release said.
As regards prospects of oil and gas exploration in the country, Dr. Asim Hussain underlined 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 rates.
The other speakers included Aqil Nadeem, Counsel General of Pakistan, Houston, G. A. Sabri, former Secretary Petroleum, Qazi Mohammad Saleem Siddiqui Director General, Petroleum Concessions, Masood Siddiqui, MD, OGDCL, Asim Murtaza, MD, PPL, and Peter Seitinger, Country Manager, OMV Pakistan.
The conference was attended by representatives of leading international and local oil and gas companies. They showed ardent interest in this Petroleum Policy of 2012; and appreciated its investor friendly contours, which would go a long way in attracting the much needed foreign investment and subsequent discoveries to ensure the energy security of the country.
The government is making efforts to improve law and order. The second leg of the PEPC, 2012 and a road show will be held on 13-14 December, in London.