ISLAMABAD: President of Canadian Frontier Holdings, Nigel McCue accompanied by Chairman, Petroleum Exploration Limited (PEL), Zaheeruddin called on Minister for Petroleum and Natural Resources, Amanullah Khan Jadoon here on Wednesday and briefed him about the joint venture investment plan of $200 million in oil and gas exploration and power sectors.
During the meeting, Nigel McCue informed the minister that Frontier Holdings has entered into partnership with a Pakistani company Petroleum Exploration Limited (PEL) that has resulted in acquiring working interests in seven concessions held by the PEL.
He told that the joint venture intends to set up a power plant of 60-120 MW at Sukkur based on the huge low BTU reserves of its Kandra gas field. He said the development of Kadra gas field resources of 3.4 trillion cubic feet would be main source of gas supply to the power facility.
They have also planned the drilling of development wells with a view to ensuring a sustained gas supply to power plant by investing $160 million, which is expected to be commissioned in 2009 involving further investment of $60 million.
Chairman, PEL, Zaheeruddin informed that the Canadian company would not only bring new technology to Pakistan but also utilise its expertise in drilling a number of exploration development wells during next three years in concessions blocks required by the joint venture.
Welcoming the chief executives of Canadian Frontier Holdings and PEL, the minister said the government was taking concrete steps to exploit the untapped hydrocarbon resources in order to meet the growing energy needs of the country. He said that the government was opening new blocks in the coming days which would promote the oil & gas exploration in the country.
Jadoon appreciated the PEL's contribution for promoting the oil and gas exploration activities in the country and invited the joint venture to avail the investment opportunities in the upcoming projects for the mutual advantage.
Minister of State for Petroleum and Natural Resources, Mir Muhammad Naseer Mengal, Additional Secretary, Shaukat Hayat Durrani, Director General (Petroleum Concession), Naeem A. Malik were also present during the meeting.