Pakistan's OGDCL plans to explore oil overseas next Year
Pakistan Times National News Desk

KARACHI: The Oil and Gas Development Company, Pakistan’s largest energy exploration business, plans to launch its energy exploration ventures overseas next year, it was reported on Friday.

According to Arshad Nasar, OGDC’s chairman and chief executive said over next three years, OGDCL would finance two billion dollars in works for the exploration and production of oil, adding that during 2006-07, 41 new wells are also included in these works.

The company has more than doubled its budget and is planning new overseas ventures for the first time, the company’s chief executive said.

Arshad Nasar said OGDCL wanted to avail the opportunities lying in other countries including Yemen, Libya and Oman.

“The first project in this regard would be launched next year,” he said adding that the company would accrue a good deal of income by investing in overseas exploration projects.●