ISLAMABAD – Minister for Finance and Economic Affairs Senator Ishaq Dar on Thursday said that the government was looking forward into channeling more and more resources for discovering new oil fields in the country since it was bestowed with valuable natural resources.
“It is always my belief that 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 Mari Gas Limited Managing Director Nadeem Ahmad who called on him here.
The finance minister said that 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. The managing director briefed the minister on the working model, operational capacity and level of efficiency of the Mari Gas, now changed to Mari Petroleum, as the organization has ventured into petroleum business.
The managing director said that the well success ratio of Mari Petroleum in its hydrocarbon exploration had been 1:1.4 which was extremely optimistic while the success ratio of other international companies in Pakistan was 1:3.3 and it was almost 1:7 around the world. It has also recently discovered over 5000 bpd from Jhelum and it was likely that more discoveries will be made in this region, he added.
The Managing Director discussed various issues pertaining to oil and gas exploration in the country. The meeting was also attended by Finance Secretary Dr Waqar Masood, Adviser to Finance Ministry Assad Amin, Special Assistant to Finance Minister Shahid Mahmood and senior officials of the Ministry of Finance.