Oil and Gas Development Company Limited (OGDCL) may take part in overseas exploration projects with two foreign oil and gas exploration companies - Italian based ENI and Statoil Company Norway, Business Recorder has learnt.
In a presentation given to the National Assembly Standing Committee on Petroleum and Natural Resources on Friday, OGDCL revealed that it was trying to extend exploration activities in other countries including Libya, Yemen, Oman, Iraq, Syria, China, Mali, Mauritania, Guinea, Angola, Mozambique, Sudan, Eritrea, Indonesia (West Timor) and Bangladesh.
"Presently OGDCL is in negotiations with two foreign companies namely ENI and Statoil to take part in their overseas projects," OGDCL officials said. Italian company ENI has been operating in Pakistan since 2000 and holds shares in 7 production licences.
Statoil delegation comprising three senior executives visited OGDCL in the first week of June to jointly explore hydrocarbon resources in Pakistan. "During the meeting overseas joint ventures in oil and gas exploration projects were also discussed," sources added.
Statoil is among the top 10 exploration and production companies in the world and working at present in 40 countries world-wide. It showed an interest to invest in exploration and production sector of Pakistan. The delegation was given detailed briefing about various sectors including geophysics and geological studies/structure presence of hydrocarbon resources and energy requirements of the country.