Amid the improved security situation, Pakistan is now attracting the oil and gas exploration companies to invest in its oil and gas sector.
With deteriorating law and order situation due to militancy and terrorism, many oil and gas explorations firms deserted Pakistan.
However, the victory of the country’s security forces in the long fight against terrorism and extremism is now yielding positive results – with the return of multi-national companies and firms to the country.
A group of US-based oil and gas exploration companies have expressed their keen interest in investing in exploring hydrocarbon deposits in Pakistan in partnership with a state-owned domestic firm.
“A group of US companies comprising Alpha Petroleum Services and holding company RigMax, headed by CEO Truman Wright, visited Pakistan Petroleum Limited (PPL) today (Thursday) to discuss collaboration,” a PPL statement said.
The company said that they expressed interest in investing in upstream E&P (exploration and production) activities in Pakistan.
The US-based firms are keen in participating jointly with PPL in the upcoming bidding round.
Wright expressed satisfaction over the prevailing investment climate and improved security situation of Pakistan. “This is the right time for foreign companies to enter Pakistan’s E&P business,” the PPP statement quoted him.
They also offered their expertise in drilling horizontal wells, which will be extremely beneficial for the exploitation of shale and tight gas reserves in the country.
PPL MD Saeedullah Shah briefed the delegation on E&P activities in Pakistan. He specifically mentioned the huge shale and tight gas/oil potential in the country.
He highlighted the potential of unexplored onshore Frontier Basin including Balochistan and shallow and deep offshore basins. He invited the visiting American companies to bring their experts to the PPL data room with a view to identifying the areas of possible joint ventures.