OMV to get gas from Latif field
OMV Pakistan, a subsidiary of Austria’s largest company OMV, along with its partners ENI and Pakistan Petroleum Limited, has signed an agreement for development of the Latif Gasfield in Sindh. Jaap Huijskes, OMV Executive Board Member, said, “This is a clear winwin situation. Pakistan receives the confirmed Latif gas reserves at a very low price, even the incremental production will be delivered at prices well below competitive fuels.”
The total cost for development is $142 million which includes drilling of new wells and the construction of a 50-km pipeline to transport Latif gas to OMV-operated Sawan gas plant from where it will reach customers. Latif field will contribute around 6,000 barrels of oil equivalent per day to OMV by 2014.
Speaking at the ceremony, Dr Asim Hussain, Advisor to the Prime Minister on Petroleum and Natural Resources, said that companies operating in the up-stream oil and gas sector should take full advantage of the incentives offered in the Petroleum Policy 2012. He expressed confidence that companies are coming forward with new discoveries aiming to reduce the gap between demand and supply of oil and gas in the country.