Polish oil and gas company PGNiG has announced to increase its investment in Pakistan’s hydrocarbon exploration sector in the near future.
This was disclosed by the management of PGNiG in a press conference here Monday. Addressing the press conference Andrzej Maksum, Managing Director Exploration – PGNiG Group, who was flanked by Andrzej Kaczorowski, Managing Director PGNiG Islamabad Branch and Shahid Karim, GM Commercial Islamabad Branch, said that today marks a great day in the energy sector, as more indigenous hydrocarbon reserves will contribute their role in the energy equation of Pakistan .
“Before the start of winter, another discovery of gas well in Kirthar range of district Dadu, Sindh will be an addition in this regard to overcome country’s energy needs,” Andrzej Maksum maintained.
Polish oil and gas company came to Pakistan in 1997. Since then, it has invested over $100 million in the country. The company has made two gas discoveries in the Kirthar area, Sindh and is currently working to develop these in association with its joint venture partner-Pakistan Petroleum Limited.
A new gas production plant called Rahman Production Facility has been successfully commissioned and is going to be inaugurated by the Minister for Petroleum & natural Resources today (Tuesday).
This recent discovery at Rizq-1, operated by Polish oil & gas company, is planned to be connected with the Rehman Production Facility during the 1st quarter of 2016, followed by the integration of Rehman-2 &3 during 2016 and further development wells to be drilled in the succeeding years.
“Pakistan is quite a business friendly country and we are planning to expand our presence in hydrocarbon business here,” said Andrzej Kaczorowski, Managing Director PGNiG Islamabad branch said here. “In future we will be much more important player in the oil and gas sector of the country,” he added.
Andrzej Kaczorowski said that the current investment of the company is around $100 million dollars to produce 10 mmcfd gas, adding that the company will be producing 100 mmcfd of gas by 2022.
Shahid Karim, General Manager Commercial, said that the current production is 10 mmcfd and the company is planning to take it 30 mmcfd. “We will double and triple our investment in Pakistan’s hydrocarbon exploration sector”,” he added.
Earlier, a seven member delegation led by Andrzej Maksummet with the Federal Minister Shahid Khaqan Abbasi and the Federal Secretary Arshad Mirza to apprise them about the latest developments in the field.
Andrzej informed the Federal Minister that Polish company stands committed to maintain and grow its presence in the Pakistan hydrocarbon exploration and production sector.
He informed the minister that Pakistan is on top of the list of countries where Polish oil and gas company is looking to invest further. He said that his company, already working on one block and having made two discoveries, is aggressively pursuing opportunities to grow its presence in Pakistan . This also bodes well for Pakistan , in terms of increase in foreign investment from Europe.
The minister informed them that Pakistan provides an investment friendly regime to investors by offering lucrative fiscal incentives & conducive business environment. Promoting the exploration of indigenous hydrocarbons is a priority for the government in overcoming the energy crisis of the country.