ISLAMABAD: Pakistan Oil and Gas Development Company Limited (OGDCL) on Wednesday unveiled a plan to expand its exploration beyond the local oil and gas fields, in partnership with a global energy conglomerate MOL.
OGDCL and Hungarian MOL Group already have a joint venture in Tal block, which is an oil and gas field located in Kohat district of Khyber Pakhtunkhwa.
The renewed strategic cooperation under an agreement signed between the two companies, however, envisages exploration and production of oil and gas fields in Pakistan, Middle East, African continent and commonwealth of independent states, especially the Russian Federation and Kazakhstan.
“We look forward to expanding our relationship to E&P (exploration and production) opportunities internationally, while continuing to grow our relationship in Pakistan,” Zahid Mir, managing director at OGDCL said in a statement. “Our MOU (memorandum of understanding) is aligned with OGDCL’s internationalisation strategy of developing a footprint outside Pakistan, through cooperation with high quality E&P companies,” Mir added.
Graham Balchin, managing director and chief executive officer at MOL Pakistan Oil and Gas Company BV, a subsidiary of MOL Group, and Zahid Mir, managing director at OGDCL signed the agreement at the Prime Minister Secretariat. OGDCL owns the largest number of recoverable hydrocarbon reserves in the country, accounting for around 60 percent of oil and nearly 40 percent of gas.
Alone during the last fiscal year, the company drilled more than 20 wells and added 18 new wells to its production system. The company’s average daily net saleable production of crude oil stood at 43,989 barrels, natural gas 1,051 million metric cubic feet, liquefied petroleum gas 411 tonnes and sulphur 39 tonnes during the last fiscal year.