Pakistan Opens for Further Investment

The Pakistani government will grant exploration licences to six new companies, both foreign and locals, which will bring the number of companies operating in Pakistan to 19. Thirteen companies are already working in different blocks.

This was disclosed by Secretary Ministry of Petroleum Mohammad Iftikhar Ahmed at the second Pakistan Oil, Gas and Energy Exhibition (POGEE) 2004 being held here at Expo Centre.

He said the sector has so far attracted $1 billion in investment. Pakistan has opened upstream and downstream sectors of oil and gas and it will welcome foreign investment in this highly lucrative area under its attractive onshore and offshore policy. There has been significant increase in the import of machinery for drilling and mining during the last seven months.