Pakistan Govt Issues 35 O&G Exploration Licences

Pakistan Govt Issues 35 O&G Exploration Licences Daily Times (PK)|Sunday, November 25, 2012 pregnant, was it hard to tolerate pain To meet the ever-increasing gas demand of the country, the government has issued and signed 35 exploration licenses during the last four years, sources told Daily Times on Saturday. Currently, there are 133 exploration licenses for exploration of oil and gas operating in the country including the 35 issued during the tenure of current government. Apart from these licenses, the government has taken several measures to explore new reserves of natural gas in the country. The sources said total 100 exploratory wells were drilled during last four years period for exploration of oil and gas. As a result of these efforts, 39 oil/gas discoveries have been made which are under evaluation for reserve estimation. Efforts are being made to put these discoveries on production during the ongoing fiscal year 2012-2013. During the reported period, gas production has been enhanced from 3973 MMscfd (million standard cubic feet per day) to 4200 MMscfd. The Council of Common Interest (CCI) has approved 'Tight Gas (Exploration and Production) Policy, 2011' which offers 40-50 percent higher prices than the price announced in exploration and production policy 2009 to attract exploration companies to invest in tight gas fields. Tight Gas Reserves are estimated at 24 TCF. Initially 100-150 MMcfd would be added depending on its success rate. Petroleum (Exploration and Production) Policy, 2012 has been notified that gives additional incentives to the investors for exploration of oil and gas in Pakistan, the sources maintained. ECC has approved Low BTU Gas Pricing Policy, 2012 wherein additional incentives to the investors have been given for exploitation of untapped reservoirs. In offshore fourteen exploration licenses are operating. Presently the Nikko Resources has planned to drill one offshore well in the next weather window. The success of the well can prove a corridor for enhancement of exploration activities in the offshore area. Copyright 2012 Right Vision News All Rights Reserved