Aims to raise oil and gas produc­tion, lessen relian­ce on import­sISLAMABAD: Oil and Gas Development Company’s (OGDC) board of directors chairman has unveiled a strategy for enhancing oil and gas production in a bid to lessen reliance on energy imports and cut a hefty import bill. “We will focus on exploration of oil and gas by forming joint ventures with foreign companies in order to attract foreign investment in exploration,” he said, adding that the company would also frame a strategy for exploiting shale gas reserves in Pakistan. “We are far behind many countries where oil production is between 350,000 and 500,000 barrels per day (bpd),” he said. ExxonMobil is drilling in the deep sea in Karachi where Shell spent $100 million on drilling in 2006. He declared that the OGDC board would support divestment of the company if the government took any decision as a major shareholder.

Source: The Express Tribune May 05, 2019 03:56 UTC