Karachi: Partnering with a state-owned domestic firm, a group of companies from US has shown interest in exploring Pakistan’s hydrocarbon deposits, according to a news report. Sources from Pakistan Petroleum Limited (PPL) revealed that the companies comprised of Alpha Petroleum Services and holding company RigMax.
A delegation headed by CEO Truman Wright paid a visit to PPL and discussed the collaboration on Thursday. An interest for investing in exploration and production activities of country was stressed upon. Expressing further interest, the companies also want to join PPL in the upcoming bidding round.
Wright also appreciated the improvement of Pakistan’s investment climate and security situation. The CEO also commented on this being the right time for foreign companies to invest in the country’s Exploration & Production (E&P) business. An offer for sharing expertise on drilling horizontal wells was also made.
Briefing the delegation, PPL MD Saeedullah Shah shed light on the ongoing E&P activities, along with the potential of shale and gas/oil in Pakistan. He also discussed the potential of Balochistan and offshore basins. He invited the experts from visiting US firms to PPL’s data room to identify areas for possible joint ventures.