Petrosin Energy Pakistan, a subsidiary of Petrosin Group Singapore, has signed a petroleum concession agreement with the government to undertake joint oil and gas exploration in Gorakh block.
The Gorakh block covers an area of 2,482 sq kms in Dadu, Lasbela and Khuzdar districts of Sindh and Balochistan.
The agreement was signed by Iftikhar Ahmad, Additional Secretary, Ministry of Petroleum & Natural Resources on behalf of the President of Pakistan, Mike Buck, Managing Director, ENI-Pakistan and Major General Saeed Ahmed Wahla (Retd), Chief Executive, Petrosin Energy Pakistan.
Under the agreement, Petrosin Energy holds 7.5 percent equity in the Gorakh block, and together with ENI will undertake a joint exploration, development and production of petroleum at the area.
The Chief Executive of Petrosin Energy said that the company's investment in Gorakh block demonstrated the Group's commitment and confidence in the government's petroleum policy.
Saeed Ahmad added that the company is actively looking at some other exploration blocks in Pakistan, and is determined to make more investment in exploration in the near future.
Already Petrosin is involved in a wide spectrum of business comprising oil and gas plants, LPG marketing, CNG retail outlets, engineering design, operation and maintenance services, Information Technology and property development.
With its headquarters in Singapore, Petrosin has offices and factories located in the United States, Hong Kong, Vietnam and Pakistan. It is the largest Singapore investor in Pakistan.
It entered into the petroleum exploration and development activities in Pakistan in 2003, through its wholly owned Islamabad based subsidiary Petrosin Energy Pakistan Pvt Ltd.
ENI SpA is an Italian integrated petroleum company. ENI operates in Pakistan in the exploration and production of hydrocarbon sand in oilfield services, construction and engineering. Eni has been operating in the country since 1965.
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