Government finalizing new petroleum policy

[LRE]

Government finalizing new petroleum policy

Updated at: 0242 PST, Sunday, October 05, 2008



ISLAMABAD: Aiming to boost oil exploration in the country, the government is finalizing a new petroleum policy, which will give special incentives to explore territorial waters for deep sea drilling.

Chairman Special Committee on Petroleum, Dr. Asim Jan, will be presenting the new policy, to the cabinet when it meets next week.

The new policy has divided offshore exploration zones in three areas namely Shallow, Deep and Ultra-deep zones.

Under the new policy, exploration firms are likely to make better profits, thanks to higher wellhead prices.

The new prices are expected being based on Japan oil cocktail, to attract more oil firms in the business.

http://geo.tv/10-5-2008/26298.htm