MILAN (Thomson Financial) - Eni SpA said it has made a new on-shore gas discovery in Pakistan located in the Mubarak exploration block in the south eastern province of Sindh.

Eni said it holds a 38 percent stake in the Mubarak block.

The other partners are Petronas Carigali Pakistan Ltd, which is the operator with a stake of 57 percent, and Government Holding Private Limited which has a 5 percent stake.

The well was successfully tested and flowed at 25 million standard cubic feet of gas per day with 60 barrels of condensate per day, Eni said.

Eni said that with its partners it is now evaluating the potential of the discovery in order to identify the most suitable development plan.

stephen.jewkes@thomsonreuters.com


http://www.forbes.com/afxnewslimited/feeds...afx5143676.html

Italy Eni Oil discovers natural gas well in Pakistan
Monday, 23 June 2008 18:58 www.daily.pk
Italian Eni oil company said Monday it discovered a new natural gas well in Pakistan capable of producing 700,000 cubic meters per day.

It said in a statement the new well, located in Sind province, southeast Pakistan.
Eni and its Pakistani partners will study the boost of production of the natural gas well.

Eni has been working in Pakistan since 2000 and is party to 14 licenses for oil and gas discovery. It is working on four on shore and three off shore wells.

http://www.daily.pk/business/businessnews/...n-pakistan.html

All this wealth is not going to go to the ordinary hard working people of this country--it is going in the pockets of American and Jewish agents who are ruling this country!!

My friend's elder brother works at ENI.

All this wealth is not going to go to the ordinary hard working people of this country--it is going in the pockets of American and Jewish agents who are ruling this country!!

Ceasar : Wow .. you sound like Mugabe !

Must, there is no denying the fact that we have a RULING JUNTA in this country who is an agent to US/West/Jews--a junta who is very much an extension of Western powers in this country. It is not sensible to close eyes and deny this fact!

QUOTE(must7 @ Jun 24 2008, 04:54 PM)
All this wealth is not going to go to the ordinary hard working people of this country--it is going in the pockets of American and Jewish agents who are ruling this country!!

Ceasar : Wow .. you sound like Mugabe !


Must, there is no denying the fact that we have a RULING JUNTA in this country who is an agent to US/West/Jews--a junta who is very much an extension of Western powers in this country. It is not sensible to close eyes and deny this fact!

Fact : Sorry I don't see this option faintly possible in Pakistan !

Brother .. the problem is "all other options are even worst than the existing option" : Now that's what is ground reality.

I agree with Caesar to an extent...the fact that the government isn't even to launch soft market-based land reforms or nationalization projects screams of serious foreign extraction. Seriously...Pakistan can secure enough soft loans from Saudi Arabia, China and UAE to buy off most of the good farm land; set up coal & gas refineries; and extract the minerals/metals for itself entirely. While it will take longer, at least a greater proportion of the wealth will stay within Pakistan and it would ensure sustainable use if state enterprises concerned themselves with the domestic market...although I am certain that our agriculture will be attractive to our Gulf Arab, Chinese and Indian neighbours for productive trade.

I agree with Caesar to an extent...the fact that the government isn't even to launch soft market-based land reforms or nationalization projects screams of serious foreign extraction. Seriously...Pakistan can secure enough soft loans from Saudi Arabia, China and UAE to buy off most of the good farm land; set up coal & gas refineries; and extract the minerals/metals for itself entirely. While it will take longer, at least a greater proportion of the wealth will stay within Pakistan and it would ensure sustainable use if state enterprises concerned themselves with the domestic market...although I am certain that our agriculture will be attractive to our Gulf Arab, Chinese and Indian neighbours for productive trade.

Mark we are dead short of enterpreneurs .. our enterprenural skills are inept .. we can take the money .. but who will manage this corporations or land ! Sedhay or Shareef admi laiking hushiar bhi lakayto dikhao & 1 most import khoobi i.e; stay put in his position for at least 2 to 5 years ! Try finding .. you will be surprised at the result you get !

Everybody wants a quick fix .. everybody is looking at "raat hi raat mein ameer ho jawooon". Foreigners don't like the package which given them for living in Pakistan. So what to be done !

Any corporation with govt. fingers will be filled by the CEO / Chairman's chacha, mamoo, bhanjay, etc. etc. ... accept it we do not have the patience to run businesses at the present moment.

Sir I think we need to return to profit making public enterprises...government owned property with a private management team. Simply put, if one management team is failing, then another can be contracted to replace them...for now, foreign directors will be required due to the local knowledge deficit. We need to install a technocratic culture into the government, otherwise more of our resources will be flown away in return for a few petty jobs and minor profits sanctioned to the corrupt officials.

Absolutely--I have been advocating all along that we should create a position of Economic and Finance Minisiter who should be hired by an open competition worldwide--the best candidate should be selected and should be paid same as other CEOs of big multinational companies!!

Must Bro, as much as I appreciate your loyalty and patriotism I would ask you to open your mind and ask why are there always excuses to keep this country a beggar? Why is it that this country always seems to be in a state of anarchy? Why is it that despite having so much mineral wealth and so much energy resources we beg fat stomach Arab skeikhs for oil? Why is it that we permanently have a a begging bowl in our hands which our leaders and military shamelessly ask the world to drop some pennies in?

These are no conincidences--these are facts, these are deliberate policies of the Ruling Junta, a junta who protects its interests and intersts of its masters US/West/Israel. 60 years of independence should be enough time to open our eyes!!

Absolutely--I have been advocating all along that we should create a position of Economic and Finance Minisiter who should be hired by an open competition worldwide--the best candidate should be selected and should be paid same as other CEOs of big multinational companies!!

I fully second this ... but don't forget Shaukat Aziz got his job on the same merit, what was the end result !

The % of corruption in the system is such that even the best of the best cannot riggle out of it! I talked to a PIA employee sometime back (forgot the name of the Chairman) who according to the bloke employed foreign ladies as stweardess .. Of course while our guys are complaining of the pay scale & social ills of such input .. however, while I heard the story from the negative end, I did not weigh in the argument of such drastic actions including grass root changes including bringing in technicians from PAF ! In the end in 9 months the Chairmn was removed several millions were lost & end result PIA is still making loss !

Must Bro, as much as I appreciate your loyalty and patriotism I would ask you to open your mind and ask why are there always excuses to keep this country a beggar? Why is it that this country always seems to be in a state of anarchy? Why is it that despite having so much mineral wealth and so much energy resources we beg fat stomach Arab skeikhs for oil? Why is it that we permanently have a a begging bowl in our hands which our leaders and military shamelessly ask the world to drop some pennies in?

Without a reason of doubt, we are giving back double figure profits and people are not coming in .. while in other countries people are making losses but still there is a beeline to enter the market !

For me we need private Pakistani multi-nationals who can run professionally their own business and in case of need / option the govt. can fall back on such entities ... how else did Mittal became rich .. or like the Bangladeshi financial guru !

The public economy - i.e. state enterprises dealing with natural/basic resources (food, fuel and minerals) - should be sanctioned off into a separate apolitical organization like the military. Essentially force the public sector to think like the private sphere and allow it to develop an organized technocratic culture out to produce maximum profits for the State. If it became the standard bearer on how economics ought to function within Pakistan, then we wouldn't need a government to make policies in this regard...except to actually start up the system I'm advocating and to manage its fruits. I think we need a paradigm shift in thinking...the governing political body should be left out from judicial, economic and security affairs completely - or rather forced into an autonomous merit-based organization itself.

Every discovery is important because it provides jobs, ranging from engineers to cleaners. The state will get revenue and Pakistan will have more domestic supply of gas.

Another gas discovery. From reading the posts above, some people will be annoyed by this discovery.



http://www.dawn.com/2008/07/05/ebr6.htm


OGDC discovers gas




By Our Equities Correspondent

KARACHI, July 4: The Oil and Gas Development Corporation (OGDC) announced on Friday discovery of gas in its exploratory well Dhodak Deep 01, located in district Dera Ghazi Khan under the Dhodak D & PL.

In compliance with the related code of corporate governance, the company announced on Friday that the Dhodak Deep Well No. 01 was spudded on June 30, 2007 and drilled down to the target depth of 4,150 metres.

On the basis of open hole logs & drilling data, the selective interval of 85 M in Chiltan limestone formation was tested through DST to evaluate the reservoir potential. After stimulation job, the well was tested and produced 5.5 million cubic feet of gas per day through half inch choke size. The Well Head Pressure and Water Production was recorded as 1500 Psi and 60bbis per day, respectively.

Analysts were of the consensus view that the discovery was expected to have only a marginal impact on the earning per share of OGDC, based on the initial flow rate on an annualised basis.

On one of the most dismal day of trading at the KSE, on Friday, when the aggregate volume stood at a ridiculously low of only 5.3 million shares, the OGDC stock recorded nearly one-fourth of all shares traded. The news of the discovery was however, received with cool response from the investors, as the scrip lost Rs1.21 (the lowest allowable 1 pc fall in a security in one day) to close at Rs120.72.

“We maintain our Overweight stance on the Exploration and Production sector and recommend an Accumulate stance on OGDC, which offers an upside of 17 per cent to our target price of Rs142/share. On valuations, OGDC trades 8.2x forward earnings and offers a dividend yield of 10 per cent on our FY09 estimates,” the company said.

We need a patriotic team at the helm fierce and brutal like Mugabe honest like Umer bin Khattab!!

Man Caesar is right.... Iraqi Oil contracts have gone to who? All American firms, and same here whenever a natural resource is discovered in Pakistan, foreign companies move in with Government blessing, pump out the wealth and pocket the profits.

WHY CANT OUR GOVERNMENT BE MORE LIKE CHINA????

1. Encourage foreign investment.
2. Keep foreigners out of internal politics.
3. National Wealth should be controlled by the Government and People of Pakistan.

China and Russia (under Puttin) are the models we should follow in this regard.

Pakistan is not Iraq. Only a fool will believe it was. The situation is different from Iraq. Pakistan is getting revenue from the mining companies, maybe the mining companies are getting too much. However non of you guys have looked at the contract but still give a opinion like its fact. Lastly look at Ceasers posts they are just full of venom. Look at the remmitance thread he said the exact same.
http://pakistanidefenceforum.com//index.php?showtopic=76568


P.S. Most of the exporting companies in China are forign owned thus alot of money is remitted out of the country.

Pakistan has yet to take advantage of its large resources, I remember how a couple years back we would talk of how far we have come with scarce natural resources, today we have discovered very vast amount of resources ranging from minerals (gold and copper) to coal. We should maximize the uses of these resources for first our domestic needs. Only when our domestic needs are met we should export. Pakistan is also blessed to have 2 energy consuming power houses as its neighbors, we might as well take advantage of it