OMV to get gas from Latif field

Enterprise - - News -

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.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.