Collaboration with foreign firms to boost oil, gas potential’

[LahoreEstate]

ISLAMABAD: Federal Minister for Petroleum and Natural Resources, Syed Naveed Qamar has said involvement of Pakistani companies in partnership with foreign companies is one of the keys to unlocking the potential of Oil and gas reserves.

The minister expressed these views to the ambassador of Federal Republic of Germany Michael Koch, who called on him to the minister, revealed a press release issued today. Both the leader discussed the matters pertaining to bilateral interests particularly investment opportunities in Pakistan came under discussion during the meeting.

Qamar said that in view of the country’s huge energy needs, and with supplies finding it difficult to keep pace with demands, a multi-pronged approach to promote efficacious utilization of precious natural resource and at the same time fast-tracking exploration and production in the indigenous upstream oil and gas sector and through imports was being vigorously pursued.

Dr Koch also informed the minister of the vast experience German companies had in various processes including exploration, extraction and transportation.

Discussing the prospects of foreign investments in Pakistan, the minister underlined that his Ministry viewed increased involvement of Pakistani companies in partnership with foreign companies, coupled with the involvement of the local stakeholders, to be one of the keys to unlocking the potential of reserves for the benefit of the country. He said that foreign companies should come together and collaborate with public sector companies to promote transfer of know-how, generate employment and community development. The minister said that the government as well as his ministry would extend all the assistance necessary to facilitate investors.

Meanwhile, a delegation comprising of senior management of OMV Exploration and Production also meet today with the minister, reveled another press statement issued today. Dr George Watchel, the incumbent General Manager of the company introduced the incoming G.M., Dr. Elmar Collins to the minister. While reviewing the company’s progress in Pakistan over the years the prospects of upcoming projects came under discussion during the meeting. Appreciating Dr Watchel for his invaluable contribution in exploratory work, particularly in the gas sector in Pakistan since many years, Syed Naveed Qamar also welcomed Dr Elmar to office. He said that investment opportunities for E&P companies existed in the country’s upstream oil and gas sector and all the necessary assistance to facilitate investors’ initiatives would be extended. staff report

http://www.dailytimes.com.pk/default.asp...2009_pg5_5