Govt channeling more resources to discover new oil fields: Dar

ISLAMABAD: Minister for Finance Ishaq Dar said the government was looking forward into channeling more and more resources for discovering new oil fields in the country since country was bestowed with valuable natural resources.
It is always my belief Pakistan is rich with minerals and natural resources and we need to restructure our priorities and focus more on providing facilities to exploration companies, Dar said in a meeting with Managing Director Mari Gas Limited General (retd) Nadeem Ahmad on Thursday.
Dar said successful companies did adopt market based business model and protect rights of the shareholders in order to achieve success.
He appreciated the desire of the Company to invest more funds into exploration side.
Mari Gas chief briefed Dar on the working model, operational capacity and level of efficiency of Mari Gas, now changed to Mari Petroleum, as the organisation has ventured into petroleum business.
He said the well success ratio of Mari Petroleum in its hydrocarbon exploration had been 1:1.4 ratio, which was extremely optimistic.
He said the success ratio of other international companies in Pakistan was 1:3.3 ratio and it was almost 1:7 ratio around the world. It has recently discovered over 5n000 barrel per day from Jhelum and it was likely that more discoveries would be made in this region, he added. 

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