Gazprom, Pakistani OGDCL Sign MoU
Gazprom International and Pakistani Oil and Gas Development Company (OGDCL) in St Petersburg signed a memorandum of understanding to enhance cooperation in the energy sector, Gazprom International said July 3.
The two companies will not only develop oil and gas projects in Pakistan but also in other countries, it said.
The parties will also look to supply gas to the Pakistani market as well neighbouring countries.
OGDCL is the largest oil and gas company of Pakistan and is the market leader in terms of reserves, production and number of developed oil and gas areas. OGDCL main shareholder is the government of Pakistan, which holds 74.97% stake in the company.
Pakistan is experiencing a serious gap between supply and demand driven by growth of domestic and industrial natural gas and electricity consumption. According to official data, Pakistan produces about 40bn m3 of natural gas and about 5mn tons of oil.
According to data for 2016, OGDCL produces 48% of the total of the country's oil and 28% natural gas.
Shardul Sharma