ISLAMABAD – The Ministry of Petroleum has requested the Canadian oil and gas giant Niko Resources to drill at least one offshore exploratory well during this year in one of the four offshore blocks obtained by the company.
This demand was made by Minister of Petroleum Syed Naveed Qamar during a meeting with Niko Resources Pakistan Limited Vice President Larry Fisher according to an official statement. The company is a contractor in four Indus offshore blocks including Indus X, Indus Y, Indus Z and Indus North. The company has acquired seismic data in these blocks and carried out work units over and above the minimum work commitment. These excess work units will be carried forward and credited and committed towards the next phase.
Fisher informed the minister of seismic processing undertaken by the company and said results were shared with the technical experts of other companies OGDCL, ENI, PPL. The minister asked the company to drill one exploratory well at the earliest possible moment. Offshore drilling costs more than $40 million. Earlier, the minister met with Pakistan Board of Investment Honorary Investment Counsellor in Germany Yousaf Chand. They discussed prospects of introducing a new filter technology from Germany for enhancing natural gas and oil production in the country.
The technology increases daily production rate of oil and gas wells immediately and could enhance current production by a minimum of 20 percent within three to five years. The minister directed Director General Petroleum Concessions Sher Khan to take up the matter with oil and gas development companies with respect to feasibility and applicability.
