ISLAMABAD - The biggest foreign gas company in Pakistan, OMV has announced plans to make further investment in the country.

Chairman of the Executive Board and CEO, Rainer Seele, while addressing an event on the occasion of completion of 25 years of the company in Pakistan, said that company will increase its investment further in Pakistan from present $45 million a year.

He said his company was producing 8 percent of Pakistan’s indigenous gas supply, and had invested 2.5 billion dollars in the exploration activities, producing more than 2000 billion cubic feet of gas. He said the company has established itself as the largest international gas producer in Pakistan with an operated volume of more than 110,000 barrels of oil equivalent per day from Kadanwari-Miano and Sawan fields.

A 100 percent subsidiary of OMV Aktiengesellschaft, company is Austria’s largest listed industrial company, with Group sales of EUR 15.6 billion and a workforce of 5,226 employees in 2005, as well as market capitalization of approx. EUR 18 billion.

“In Pakistan, we have been active as an operator and partner since 1990,” CEO informed the participants, adding that within two years it made first discovery - Miano field.  When asked about the challenges, CEO told the scribe that company was not having any security issues. “After coming to Pakistan, I have had no security issue whatsoever, as highlighted by the international media.”

“There is no security issue for OMV here, as the company is settled in Pakistan from last many years,” minister for petroleum and natural resources Khaqan Abbasi added.

While talking to select group of journalists, who were present at the event, the minister said that the government is negotiating with Italian oil and gas Company Eni to import 0.75 million tons of Liquefied Natural Gas (LNG). He said that the ENI will supply 6 LNG ships per annum to Pakistan.

Earlier, while addressing the gathering, the minister congratulated the company over completing 25 years in the country and assured the foreign investors of full government support.

Abbasi said that there was a huge gap between demand and supply of gas in Pakistan and the country was striving hard to bridge the gap through imported LNG and further exploring local oil and gas reservoirs.

 He said that Pakistan has huge potential of tight, shale and conventional gas. He said that the government of Pakistan was offering most attractive wellhead oil and gas prices and international as well as local firms need to take the advantage of the situation.