Arshad Nasar, the CEO of Oil & Gas Development Company (OGDC), Pakistan's leading energy exploration firm, recently announced that the company is planning to acquire exploration rights in Oman and Yemen, marking its first major overseas venture in search of new energy resources. This strategic move reflects OGDC’s growing ambition to diversify its operations beyond domestic boundaries and tap into new energy markets.
Nasar revealed that the company intends to boost its oil and gas well exploration spending by 150% in 2006, reaching a total of $890 million. However, the exact amount allocated for international projects has not yet been finalized. The decision comes as Pakistan faces increasing pressure to enhance domestic oil and gas production while securing stable energy supplies from abroad. With oil imports accounting for over 20% of the country's total imports, ensuring energy security has become a top priority.
On July 14, the New York Mercantile Exchange (NYMEX) crude oil price hit an all-time high of $78.40 per barrel, underscoring the volatility and rising costs of global energy. In response, Nasar emphasized the need for Pakistan to strengthen its energy independence by accelerating exploration efforts and maximizing output from existing wells. He also highlighted the importance of long-term planning to reduce reliance on foreign oil and stabilize the national energy supply.
This shift in strategy signals a broader effort by Pakistani energy firms to adapt to global market trends and secure sustainable growth in an increasingly competitive industry.
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