Sunday, January 17, 2010

Pakistan’s OGDCL will sign agreement with China National Petrochemical Company and SINOPEC

Oil and Gas Development Company Ltd (OGDCL), the flagship energy company of Pakistan, is looking forward to sign an agreement with China National Petrochemical Company and SINOPEC to explore new mineral deposits in North Africa, Far East and smaller Arab countries.

The company forwarded a summary of the proposed joint ventures to the Ministry of Petroleum. The summary highlighted that the Chinese companies does not have International exposure and modern expertise. For this reason, they could not expand overseas. OGDCL has highly qualified professionals to carry out and supervise oil and gas exploration activities overseas. The company has all the necessary expertise ranging from preliminary geological surveys to operating oil and gas processing plans but it does have enough resources to sustain risk. The Chinese have adequate reserves for overseas ventures.

OGDCL will swap assets for reserves acquisition with percentage of working interest in international market. It also prepared a list of spots that had not yet been visited by international oil companies. The countries include Uganda, Sudan, Yemen, Morocco and some regions of central Africa.

Related articles:

Daily Times

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