Arshad Nasar, the CEO of Oil & Gas Development Company (OGDC), Pakistan's leading energy exploration firm, revealed that the company is planning to acquire exploration rights in Oman and Yemen, marking its first major overseas venture in search of energy resources. This strategic move reflects OGDC's growing ambition to diversify its operations beyond domestic borders.
In 2006, the company plans to boost its oil and gas well exploration budget by 150%, reaching $890 million. However, the exact amount allocated for international projects has not yet been finalized. With Pakistan relying on oil imports for over 20% of its total imports, enhancing domestic production and securing stable foreign energy supplies have become critical priorities.
On July 14, the New York Mercantile Exchange (NYMEX) crude oil price hit a record high of $78.40 per barrel, underscoring the urgency for energy security. Nasar emphasized the need to strengthen the country’s energy resilience by accelerating exploration efforts and boosting output from existing wells. He also highlighted the importance of long-term planning to reduce dependency on foreign oil and ensure sustainable energy supply for the nation's growing demands.
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