ISLAMABAD, 24 July 2006 — British Petroleum (BP) was given an off-shore concession in Pakistan. Under an agreement initialed here yesterday BP, which has been eyeing for long to secure Indus Delta block, was given the rights to survey and explore the Indus Delta.
According to the Pakistani geologists the delta has a large potential of oil and gas. Initially BP will invest $16 million for seismic and geophysics survey of the Indus Delta. The block covers the southern part of the Indus River and stretches deep into the Indian Ocean.
According to BP sources, the company will contract out the portion of seismic and geophysics survey to a Singapore company, which has state-of-the-art ships to locate hydrocarbon sub-surface structures.
British Petroleum President Steve Peacock had visited Pakistan in June to negotiate the deal. He held meetings with Prime Minister Shaukat Aziz and Federal Minister for Petroleum and Natural Resources Amanullah Khan Jadoon.
British Petroleum is the third company to have secured off-shore petroleum exploration concession. Ocean Energy of the United States and Shell-Premier are already operating in off-shore blocks off Karachi and off Gawadar-Pasni respectively.
The secretary of Petroleum and Natural Resources said,” BP had already discovered few wells in the Badin Block where it is currently producing 12,000 barrel of oil per day (bpd).”
