The Oil and Gas Development Company Limited (OGDCL) and Gazprom International inked a memorandum of understanding (MoU) for mutual cooperation, joint ventures and use of state-of-the-art technology in oil and gas exploration and development.
The agreement was signed in Saint Petersburg. The both companies were represented by their chief executive officers. Earlier, Russian delegations had visited Pakistan to negotiate and finalize possible cooperation framework. Deputy Chairman Gazoprom and CEO of Gazprom International during their visits to Islamabad underscored their preference and commitment in Pakistan’s energy sector.
In order to ensure effective implementation of the MoU, parties agreed to form a joint working group (JWG), which will hold its first meeting in mid-August 2017.
Under the cooperation framework, Gazprom International will explore investment opportunities in Pakistan’s exploration and production sector in coordination with the OGDCL. Gazprom International will offer joint venture options to the OGDCL in various international blocks. Gazprom International has agreed to introduce latest and state-of-the-art technology for production enhancement in the OGDCL operated fields in Pakistan. The OGDCL and Gazprom will cooperate in the commercialization of stranded or marginal fields, which is likely to significantly add to the OGDCL production and revenues. The parties also decided to cooperate in oil and gas infrastructure development and import of hydrocarbons to Pakistan from joint fields.
