ISLAMABAD: Minister for Finance, Mohammad Ishaq Dar Thursday said 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”, Ishaq Dar said in a meeting with Managing Director, Mari Gas Limited.
General (Retd) Nadeem Ahmad who called on him here Thursday. The Finance Minister 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. Managing Director Mari Gas briefed the Finance Minister on the working model, operational capacity and level of efficiency of Mari Gas, now changed to Mari Petroleum, as the Organization has ventured into petroleum business.
The MD said the well success ratio of Mari Petroleum in its hydrocarbon exploration had been 1:1.4 which was extremely optimistic. He said 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,
The Managing Director discussed various issues pertaining to
oil and gas exploration in the country.
The meeting was also attended by Dr. Waqar Masood, Finance
Secretary, Rana Assad Amin, Advisor to Finance Ministry, Shahid
Mahmood, Special Assistant to Finance Minister and senior officials
of the Ministry of Finance.