20 offshore blocks to be offered for drilling

KARACHI (April 24 2005): The government will offer 20 offshore blocks for oil and gas exploration at a conference next week in London, a government official said on Saturday. The government will host the conference on Tuesday and expects at least 150 oil and gas exploration firms to attend. A D Sabri, director general for exploration at the ministry of petroleum and natural resources, said all 20 blocks to be offered for bidding are in an offshore area called the Indus Basin.

The ministry would also award six new licences worth $44 million to foreign companies, all European, to explore for oil and gas in the Indus Basin, he said.

"We have already selected four foreign firms to award six concessions in the Indus Basin. Those blocks are other than the 20 we plan to offer," Sabri told Reuters.

London-based Tullow Oil Pls and Paige Limited will be awarded two exploration licences each, while one concession each will be granted to Premier Oil Pakistan and Natvus.

Sabri said foreign firms and Pakistani officials would also discuss downstream opportunities to boost exploration activities.

"We have achieved our target to bring $80 million foreign investment in the exploration sector during the current fiscal year (2004/05) and we expect some good response at the London conference," he said.

Pakistan's liberal exploration policy has attracted interest from foreign firms in recent years, making oil and gas the largest foreign investment area. The government had set a target of drilling 100 exploratory wells this year, compared with an average of 55 to 60 a year previously.


Copyright Reuters, 2005

hope they make a big discovery

Pray to Allah for a big discovery of oil in Pakistan like other Muslim countries.

Pray for very little oil, and not to keep the world powers interested.

We need a major oil discovery as it will lead to more petro-chemical investment in Pakistan and relief to our importing vows of crude oil !

hahaha thats a good one

Recalling the start of Armageddon, the workers should look something like ur display pic

Nah screw it,i still would prefer us to hit jackpot.