Ambassador Jilani asks US companies to invest in Pak oil and gas sector – thenews.com.pk

Ambassador of Pakistan to the United States Mr. Jalil Abbas Jilani; visited Midland (The oil capital of the Permian Basin) to discuss opportunities that are available to explore Shale Oil and Gas reserves that Pakistan has to offer to American companies and investors.

 

He was accompanied by the Houston Consul General of Pakistan Mr. Afzaal Mahmood, Mr. Muhammad Saeed Sheikh and President of Houston-Karachi Sister City Association (HKSCA);

“Pakistan has vast oil and gas resources and is looking for American investors interested in joint ventures. I am impressed to see the kind of things being done by Mr. S. Javaid Anwar and others in the field of shale energy and I am very confident that local businesses in Midland Texas will consider participating in the significant opportunities Pakistan has to offer” said Jilani while speaking at the Luncheon arranged in his honor by S. Javaid Anwar, President & CEO of Midland Energy Inc., and Petroplex Energy Inc.

 

Also present at the occasion were the former 34th US Secretary of Commerce Mr. Don Evans, Mayor of Midland Mr. Jerry Morales, and the owner of JumBurrito fast food chains, Mr. Jose Cuevas. Mr. Eram Ali, an independent oil investor.

Ambassador Jalil Abbas Jilani further informed about the measures being taken by the government of Pakistan to enable direct foreign investment and promote entrepreneurship.

 

The financial and credit rating firm Moody’s has recently raised Pakistan’s credit rating from negative to stable, while the World Bank has placed Pakistan ahead of many countries in the Asian Region on the Ease of Doing Business Index.

Mr. Jilani also informed about the various transportation and power generation development projects being undertaken in Pakistan, and upon their completion, the overall infrastructure in Pakistan will improve from good to excellent, and these projects will further enhance possibilities for investors in Pakistan.

 

Mr. Jilani further stated that the law & order in the country has drastically improved and incidents of terrorism have gone down considerably ever since the military operations were conducted by the Pakistani army in North Waziristan and as a direct result more than 900 terrorists were eliminated.

“In Pakistan, there is an acute shortage of natural gas due to population growth and economic expansion.” stated the Ambassador.

 

“Pakistanis coming to the Permian Basin in Texas should get trained in these new technologies, like horizontal drilling and slickwater fracturing and bring their knowledge to Pakistan.

 

He said the Pakistani government is willing to guarantee the natural gas prices of $8 to $9 per million cubic feet, which is nearly twice the current US gas price.”

Mr. S J Anwar, CEO of two oil and gas producing companies of Midland, Texas “In Midland,said we have the latest and greatest technology for horizontal drilling, outstanding fracturing techniques, and qualified professionals, attracting foreign oil companies from all over the world.”

 

Mr. Anwar has been named Outstanding Businessman and Entrepreneur Honoree for two different occasions.

 

According to a Research Report dated June 20th, 2013 from the US Energy Information Administration (EIA), Pakistan has the 9th largest shale oil reserves of 9 billion barrels or 2.61% of the world reserves; and sizeable shale gas reserves of 105 trillion cubic feet or 1.41% of the world reserves. Referring to a governmental publication EIA reported that Pakistan had a natural gas shortfall of about 900 billion cubic feet in 2013, although Pakistan’s natural gas production had grown more than 80% over the past 12 years.

 

via Ambassador Jilani asks US companies to invest in Pak oil and gas sector – thenews.com.pk.