Shahzad International Chief Executive Officer, Zaheeruddin called on Minister for Petroleum and Natural Resources, Amanullah Khan Jadoon here on Wednesday. During the meeting, Zaheeruddin briefed the minister on the ongoing projects of his company, which, he said, will have far-reaching affects on the national economy, particularly, on growth of petroleum sector.
He apprised the minister that Petroleum Exploration (Pvt) Ltd- a subsidiary of Shahzad Group- is the pioneer in private sector oil and gas exploration and production in Pakistan and it was currently working on four petroleum concessions and four petroleum and development leases in Sindh and Balochistan.
Zaheeruddin told Jadoon that the company was supplying 20 MMCFD natural gas to Sui Northern Gas Company Ltd from its development and production leases that would be increased to 30 MMCFD within next three months.
He said on the occasion that his company was committed to build a strong indigenous oil and gas exploration and production base in Pakistan.
The Shahzad Int'l CEO added that the PEL was actively engaged in exploration and production activities and holds 26.18 percent working interests in block 22, 95 percent working interests in block 2768-6(Kandra), 26.3 percent working interests in block 20C (Badar), 95 percent working interests in block 2769-9 (Mirpur Mathelo) and 100 percent working interests in block 2769-13 (Salam).
According to Zaheeruddin, the PEL was the operator in all the blocks and in addition it has applied for another petroleum concession- Sukkur block where it has committed to drill three exploratory wells.
He said that the PEL has applied for grant of three offshore blocks - 226-4 Offshore Indus Block J, 2265-2 Offshore Indus Block L and 2266-5 Offshore Indus Block K in ultra deep water in the Arabian Sea.
Zaheeruddin said that his company would utilise about 2 TCF low BTU gas reserves of its Kandra gas field for power generation, besides setting up a 120 MW power generation plant in collaboration with Government Holdings (Pvt) Ltd and the Wapda at Sukkur-Sindh. The project on completion will lessen the electricity shortfall in the interior of Sindh, he added.
The Shahzad Int'l CEO assured the minister that his group would remain committed to exploit the mineral resources of the country and it already holds two gold prospecting licences in two most prospective gold-bearing areas called Randhank block and Hushe block in Skardu district.
He informed the minister that Shahzad International experts on geo-chemical survey and gold exploration were busy in preparing a prospecting plan for exploration of gold from these areas, besides this, the group was very recently signed an agreement with Chinese company, China National Overseas Engineering Corporation (COVEC) to set up a coal-washing plant at Lakhra coal fields.
Zaheeruddin said that his group was endeavouring to form a consortium of reputable multinational companies for the mega project of transboundaries gas pipeline project from Iran.
Zaheeruddin also gave some suggestions which in his opinion were useful to encourage foreign investment in oil gas sector.
He proposed some major changes in offshore policy and demanded that the government should make the policy in line with the demands of the exploration companies by offering them lucrative incentives so that they could invest in this key area to increase Pakistan's oil and gas production considerably.
Zaheeruddin thanked the minister and the officials of the ministry of petroleum and natural resources for extending full support to the private sector for carrying out their oil and gas exploration work vigorously.
The Petroleum Minister appreciated the suggestions and assured all-out support to private sector in making their operations in oil and gas sector a success. Jadoon lauded the PEL's role for its positive contribution and commitment to the economic development of Pakistan.
The minister appreciated Shahzad International for bringing in a large number of multinational oil and gas companies for exploration and production that materialised in huge foreign investment, leading to discovery of substantial discoveries of hydrocarbon in the province of Sindh and Balochistan.