OMV to Invest $45 mn in Pakistan This Year

Austria’s OMV has decided to spend $45 million this in to explore for oil and gas in Pakistan.

“OMV has invested $2.5 billion in oil and gas exploration since commencing operations in 1991 in Pakistan and the company is investing $45 million this year,” OMV Aktiengesellschaft Executive Board Chairman and CEO Dr Rainer Seele said while addressing a ceremony held on Thursday to celebrate 25 years in Pakistan, reported Express Tribune newspaper.

OMV is amongst the largest international natural gas producers in Pakistan delivering around 400 mnscf/d (65,000 boe/d) gross sales gas from its operated processing plants in Sawan, Kadanwari and Rehmat. This equals more than 10 percent of Pakistan’s total gas supply. OMV Pakistan holds interests in eight exploration licences (five operated and three non-operated) and six operated development & production leases.

Although Pakistan is moving towards importing greater volumes of internationally sourced gas, development of domestic resources remains a priority for the government. The government wants more private players, both domestic and international, to take part in exploitation of local oil and gas reserves.