ENI to start offshore exploration at large scale in Pakistan: Chairman BOI

ISLAMABAD, June 20, 2011 (PPI): - Chairman BOI Saleem H.Mandviwalla met Mr. Paolo Scaroni, Chief Executive ENI at International Economic Forum in St. Petersburg.

The BOI chairman stated that Pakistan could be benefited by the expertise of ENI to use optimally the sizable gas fields in Pakistan for power production. He also said that ENI will soon initiate spade work on the construction of a 400 MW power generation project in Pakistan. During the meeting, he also offered ENI to work on the opportunities of offshore exploration in Pakistan.

ENI CEO Paolo Scaroni hinted upon working in the new fields of gas for power generation on BOT basis. He also expressed ENI's commitment to continuing as a strategic partner in the development of Pakistan's oil sector by making the company's expertise, know-how and innovative technologies available. He was also concerning the exaggerated threat perception about Pakistan for the foreigners, especially the western investors.

ENI has been present in Pakistan since 2000 and is the first international company operating in the country in terms of exploration and production of gas with an equity production of 56,000 boe/d. ENI is also the first player in the offshore exploration of hydrocarbons with cutting-edge technologies. The company currently holds 22 exploration and production licences in Pakistan including: 15 exploration licences (3 offshore and 12 onshore), and 7 production or development licences (3 operated).

ENI has won, in joint venture with Pakistan Petroleum Ltd (PPL) and Royal Dutch Shell, the bid tender for the exploration licence of onshore Sukhpur block, located in the Sindh province north of Karachi. The Sukhpur block lies in the vicinity of the ENI-operated producing areas of Bhit and Badhra and will bring significant operating synergies.