Another example of major foreign investment flooding into Pakistan from all over the world. :k:
Brazil’s Petrobras in Pakistan offshore venture
Brazilian Petrobras Oil and Gas B.V has joined Pakistan’s state-run Oil and Gas Development Co. Ltd. (OGDCL) to explore for oil and gas off Pakistan’s coast, the Pakistani company said on Friday. Petrobras had acquired 50 percent of OGDCL’s working interest in Block 2265-1 Offshore Indus G, a deep water exploration licence in the Indus basin of Arabian Sea, it said. “The execution of the agreement with Petrobras forms an integral part of the government’s drive to attract foreign investment in the oil and gas sector,” OGDCL said in a statement. The company did not say how much OGDCL and Petrobras would invest to explore the 7,466 sq km (2,883 sq mile) block.
Pakistan’s liberal exploration policy has attracted interest from foreign firms in recent years, making oil and gas one of the largest foreign investment areas, though most offshore wells drilled by Pakistani and foreign firms have turned out dry. French oil major Total, Pakistan’s Petroleum Ltd. and Premier Oil Pakistan made unsuccessful attempts in the past few years to find hydrocarbons in deep water off Karachi. Pakistan imports 85 percent of its energy needs, including about $6.5 billion worth of oil in the fiscal 2005/06 (July/June), and is struggling to increase domestic oil production of about 65,000 barrels a day. It hopes to produce 100,000 barrels a day within five years.
Re: Brazil’s Petrobras in Pakistan offshore venture
Petrobras purchases participation in a Pakistani exploratory block
Petrobras has signed an agreement with Oil and Gas Development Company Limited (OGDCL) to explore offshore block “G”, in Pakistan. The block is located in the Indus offshore basin and remains largely unexplored, with a mere 11 wells having been drilled there. Covering an area of nearly 7,400 square kilometers, with water depths of up to 2,000 meters, the block is located some 200 Km from Karachi, the biggest Pakistani city. Petrobras will hold a 50% participation, while the remaining 50% will be controlled by OGDCL, the Pakistani national oil company. Petrobras has committed to undertake geological and geophysical studies that will allow a full model to be developed for the area’s oil system. The company has the option to leave the agreement before drilling any wells. Petrobras’ arrival in Pakistan was motivated by the exploratory potential of the Indus offshore basin. Furthermore, while visiting Brazil, in 2005, president Pervez Musharraf manifested his interest in having Petrobras as a partner in offshore exploratory activities due to priority Pakistan has placed on discovering oil and natural gas reserves.
Re: Brazil's Petrobras in Pakistan offshore venture
We work on and off on OGDCL projects in Pakistan. They have all the required equipment and means they only thing they require is the right people to run the things in the fields. I saw it myself that the field personal do mickey mouse repairs and solutions which can become a major environment issue anyday.