ISLAMABAD: Pakistan’s largest power agency Oil and Fuel Improvement Firm Restricted (OGDCL) on Wednesday unveiled a plan to increase its exploration stint past the native oil and fuel fields, in partnership with a worldwide power conglomerate MOL.
OGDCL and Hungarian MOL Group have already got a three way partnership in Tal block, which is an oil and fuel subject situated in Kohat district of Khyber Pakhtunkhwa.
The renewed strategic cooperation beneath an settlement signed between the 2 corporations, nevertheless, envisages exploration and manufacturing of oil and fuel fields in Pakistan, Center East, African continent and commonwealth of unbiased states, particularly the Russian Federation and Kazakhstan.
“We look ahead to increasing our relationship to E&P (exploration and manufacturing) alternatives internationally, whereas persevering with to develop our relationship in Pakistan,” Zahid Mir, managing director at OGDCL stated in a press release. “Our MOU (memorandum of understanding) is aligned with OGDCL’s internationalisation technique of creating a footprint outdoors Pakistan, by way of cooperation with top quality E&P corporations,” Mir added.
Graham Balchin, managing director and chief government officer at MOL Pakistan Oil and Fuel Firm BV, a subsidiary of MOL Group, and Zahid Mir, managing director at OGDCL signed the settlement on the Prime Minister Secretariat. OGDCL owns the most important variety of recoverable hydrocarbon reserves within the nation, accounting for round 60 % of oil and almost forty % of fuel.
Alone over the past fiscal yr, the corporate drilled greater than 20 wells and added 18 new wells to its manufacturing system. The corporate’s common every day internet saleable manufacturing of crude oil stood at forty three,989 barrels, pure fuel 1,051 million metric cubic ft, liquefied petroleum fuel 411 tonnes and sulphur 39 tonnes over the past fiscal yr.
Zahid Muzaffar, chairman at OGDCL stated the strategic cooperation between the 2 corporations will pave a brand new relationship between OGDCL and MOL Group to discover hydrocarbon assets in Pakistan and overseas.
The 2 oil exploration and manufacturing corporations, underneath the settlement, will change technical information and business experiences, permitting for additional dialogue of potential worldwide upstream progress synergies and attainable partnerships.
MOL Group can also be the most important overseas producer of oil and fuel in Pakistan with over seventy five years of E&P expertise. “The corporate has acquired institutional information, that coupled with MOL Group’s technological edge, may also help create worth past MOL Group’s present operational portfolio in Pakistan,” Berislav Gaso, government vice chairman upstream at MOL Group stated. “We look ahead to working with OGDCL in and past Pakistan. It has a profitable report of making worth by way of its upstream actions in Pakistan and lots of different nations.” Ali Murtaza Abbas, group regional advisor Center East, Africa and Pakistan at MOL Group stated the cooperation will type a technically and financially sound basis, “on which we will construct our future enterprise.”
“Masking the highlighted areas of this partnership, there are quite a few alternatives and potential of hydrocarbon reserves that may be harnessed for the longer term power wants of not simply the area however in truth the world,” Abbas added.
— This was initially revealed in The News
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