Federal Minister for Petroleum & Natural Resources,
Mr. Jaap COO OMV E&P,
Austrian Ambassador to Pakistan
Distinguished Guests from Austria
Ladies & Gentlemen,
It is indeed a matter of immense pleasure for me to inaugurate Latif Gas Field Development Project which will be adding 100 million cubic feet of gas per day in the national gas-grid. It is really a moment of great happiness for us at a time when Pakistan and its people are facing severe energy crisis.
I hope that this additional volume of gas will help in mitigating the shortage of gas in the country to some extent.
I would like to avail this opportunity to felicitate OMV and its Joint Venture Partners- ENI and PPL for achieving successful completion and commissioning of this gas field. I am glad to know that this project has been completed in record time of 15 months only due to tireless effort of the entire project team. And an also please to know that OMV has immensely contributed to the economy of Pakistan, since commencement of its operations in 1990, with its major hydrocarbon discoveries like Sawan, Miano and Latif Gas Fields, which are currently producing over 360 Million Cubic Feet of Gas per day.
Presently, Pakistan is facing acute energy crisis. Supply of indigenous gas is the major component of our total energy mix and mainstay of our economy. Indigenous gas saves Pakistan in billions of precious foreign exchange since it constitutes about 50% of our energy mix.
We are fully cognizant of the fact that without allowing an attractive rate of return to E&P companies it will not be possible to achieve any major breakthrough in harnessing indigenous resources. I hope that the New Petroleum Exploration and Production Policy will significantly alter petroleum exploration regime in Pakistan. Ministry of Petroleum & Natural Resources has also formulated very attractive policies for Tight Gas and Low BTU Gas, besides, we are also in the process for formulating Shale Gas Policy to harness abundant shale gas reserves. We are confident that these policy initiatives will attract companies from across the globe to invest in these exciting ventures.
While concluding I once again congratulate OMV and its JV partners for this successful completion and commissioning of Latif Gas Field development project and wish them even greater success in their future endeavours.