KARACHI: OKTA Exploration & Production Limited plans to invest $500 million into Pakistan Oil & Gas sector. Key objective of the company is to localize the supply of critical hydrocarbon resources.
OKTA Exploration & Production Limited made an entry into the oil & gas sector during DGPC bidding round 2021. The company won two exploration blocks namely, Block-28 North and D.I. Khan West Block. Both the blocks are in highly prospective zones as proved by three recent gas discoveries of OGDCL around Block-28 North and discovery of Wali-1 well near D.I. Khan West Block. In near future, successful discoveries in both blocks will positively contribute to mitigate energy demand and supply gap from indigenous resources.
OKTA Group is not only working in hydrocarbon exploration, but its scope of work is extended to become a fully integrated E&P player of the region with medium term plans of establishing its own oil refinery and oil marketing setup. Similarly, OKTA GOC is going to install petrochemical plant for the separation of other useful chemicals from extracted hydrocarbons.
Long term plan of the company is to invest over $1 billion in the next 10 years. No doubt this huge investment within the country will create employment opportunities at different levels in oil & gas sector.
At the same time, the company looks forward to bring international investors into Pakistan’s Oil & Gas sector, as Investors from Russia & Saudi Arabia are showing interest for JV partnership in this area.
The vision of the company runs parallel to Pakistan’s goal of becoming self-reliant in energy resources by discovering new horizons innovatively and sustainably. It will eventually reduce the import of oil & gas.
Copyright Business Recorder, 2022
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