ISLAMABAD - Oil & Gas Development Company Limited (OGDCL) and MOL Group Wednesday announced a strategic cooperation initiative for evaluating future potential business opportunities in international upstream exploration and production.

A press statement issued here stated that the MoU for strategic cooperation was signed by Graham Balchin, Managing Director/Chief Executive Officer, MOL Pakistan Oil & Gas Company B.V, on behalf of MOL Group, and by Zahid Mir, Managing Director OGDCL on behalf of OGDCL.  The strategic cooperation between the two oil exploration companies envisages exploring opportunities jointly in Pakistan, the Middle East, African continent and CIS Region, especially the Russian Federation and Kazakhstan, the statement said.

OGDCL is the largest oil exploration company of Pakistan, and MOL Group in Pakistan is the largest foreign producer of oil and gas. The two oil exploration and production companies with a robust financial background have desired through this MoU to exchange technical knowledge and industry experiences, allowing for further discussion of potential international upstream growth synergies and possible partnerships.

Dr Berislav Gaso, Executive Vice President Upstream, MOL Group said, “MOL Group comes with over 75 years of E&P experience, and MOL Group has a successful record of creating value through its upstream activities in Pakistan and many other countries. The company has acquired institutional knowledge, that coupled with MOL Group’s technological edge, can help create value beyond MOL Group’s current operational portfolio in Pakistan. We look forward to working with OGDCL in and beyond Pakistan.”

Zahid Muzaffar, Chairman, OGDCL Board of Directors, stated, “The strategic cooperation between the two companies will pave a new relationship between OGDCL and MOL Group to explore hydrocarbon resources in Pakistan and abroad.”  Zahid Mir, Managing Director OGDCL, commented, “OGDCL and MOL Group have a very successful partnership in the Tal joint venture. With the MoU signed today (yesterday) with MOL Group, we look forward to expanding our relationship to E&P opportunities internationally, while continuing to grow our relationship in Pakistan. Our MoU is aligned with OGDCL’s internationalization strategy of developing a footprint outside Pakistan, through cooperation with high quality E&P companies.” Ali Murtaza Abbas, Group Regional Advisor Middle East, Africa & Pakistan, MOL Group, commented, “The strategic cooperation between OGDCL and MOL Group will form a technically and financially sound foundation, on which we can build our future business.

Covering the highlighted regions of this partnership, there are numerous opportunities and potential of hydrocarbon reserves that can be harnessed for the future energy needs of not just the region but in fact the world.”