Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL) are keen to collaborate with Iranian oil companies in oil 7 gas exploration and production and proposals to this effect will be discussed on Thursday, September 8 by Pak-Iran Joint Economic Commission (JEC), it is learnt.
Sources told Business Recorder that both sides had agreed during the last meeting to pursue co-operation in the field of oil and gas and it was decided in the co-ordinators' meeting that detailed proposals from both sides would be taken up and finalised in the current JEC meeting.
They said the two public sector exploration and production companies - OGDCL & PPL - are keenly interested in collaborating with Iranian national oil companies to embark upon exploration & production activities in both countries. These companies are also keen to visit Iran for further negotiations to explore the possibility of joint ventures with Iranian oil companies for selected offshore and onshore blocks.
The two sides can collaborate in the development of small oil and gas fields which can be expanded to secondary recovery and development of dormant fields. The OGDCL may extend its collaboration in petroleum production and exploration with national oil companies of Iran like National Iranian Gas Company (NIGC), National Iranian Oil Company (NIOC) and National Iranian Petroleum Company (NIPC).
The OGDCL is interested in joint venture exploration partnership with NIPC of Iran and may offer its local exploration assets to it. The OGDCL and NIOC may jointly participate in any future bidding round in Iran and OGDCL may be allowed, on government-to-government basis, to acquire and operate an exploration block in Iran as well as to work on an enhanced recovery project. The OGDCL could also benefit from the vast experience of oil companies of Iran in the fields of exploration, production and management. The ministry of petroleum has also proposed that Pakistan would like to import LPG, fuel oil, diesel, jet fuel and petrochemicals from Iran if better terms and conditions were offered compared to other suppliers, Pakistan also wanted to set up a joint oil refinery with Iran at Gwadar port.
Sources said Iranian National Petrochemicals Company (NPC) has expressed willingness to cooperate with reputable and experienced Pakistani companies to deal with the export of Iran's petrochemical products to Pakistan. Pakistan is ready to import more petrochemical products from Iran and proposals have been prepared by ministry of petroleum & natural resources and would also be shared with Iranian during the meeting. Pakistani side is keen to explore the possibility of setting up a joint venture petrochemical complex in Pakistan, with the participation of Iranian side, but is still waiting response from Iranian side.
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