The Hungarian oil and gas giant MOL has signed an agreement allowing it to explore two fields in Pakistan , the company said Wednesday.
The blocks—Margalla and Margalla North—cover nearly 3,000 km2 in the areas of Islamabad and the North-West Frontier Province, MOL said in a statement.
Pakistan was “encouraging foreign investors to come and invest… as the country’s growing economy needs more energy consumption,” MOL said.
The company considers Pakistan a key country in its search for more mid and downstream investments opportunities, said Zoltan Aldott, executive vice president of MOL Group.
“The signing of the new concession agreement reflects MOL Group’s long-term commitment to invest in the E&P (exploration and production) sector of Pakistan and the (MOL) Group,” Aldott said.
MOL plans to invest more than $2 million at each site within two years, and to carry out activities including environmental studies, 2-seismic acquisition and drilling exploratory wells.
MOL currently operates the Tal block in the northwestern Pakistani region.
(AFX, 08/11/2006)