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Canada to invest $ 200Mln on oil
exploration in Arabian Sea
'Pakistan Times' Business & Commerce Desk
ISLAMABAD: A Canadian
Company namely Niko Resources Limited will invest US$ 32 million for oil and
gas exploration over four blocks located in the Arabian Sea.
The Company also plans to invest more than US $ 200 million subject to
availability of viable structures after conducting seismic survey.
According to details, the government has already granted Petroleum
Exploration Licenses with Government Holdings (Pvt) Limited (GHPL) and
Production Sharing Agreements with GHPL and Niko Resources Limited (Niko)
over four blocks namely (1) Offshore Indus North (No. 2466-7) covering an
area of 2466.24 square kilometers, (2) Offshore Indus X (No.2465-3) covering
an area of 2482.83 square kilometers, (3) Offshore Indus Y (No. 2465-4)
covering an area of 2482.33 square kilometers and (4) Offshore Indus Z
(No.2466-6) covering an area of 2489.49 square kilometers located in the
Arabian Sea.
The execution of the new Production Sharing Agreements forms an integral
part of the Government’s drive to attract investment in the oil and gas
sector and boost Pakistan’s economy by substituting imported oil and gas
with indigenous supplies.
To meet this objective, the unexplored offshore region is being given
special emphasis where an oil and gas discovery can provide a major impetus
for attracting new investments significantly affecting exploration landscape
of Pakistan.
The Government is making all out efforts to enhance oil and gas exploration
activities through investment friendly policies.
Therefore, in order to provide further incentives Petroleum (Exploration and
Production ) Policy 2007 has recently been promulgated which is rated as one
of the best policies in the region.
Niko, a Canadian Company, has considerable success in the Sub-Continent
being the joint venture partner in a very big discovery made in India during
2002 which is expected to commence production of around 2 billion cubic feet
gas per day in 2008.
The Company has multiple exploration discoveries and production in India and
Bangladesh.● |
