Premier Oil and Kufpec acquire Shell’s interest in Karachi block

Nov 26, 2003 01:00 AM

Premier Oil Pakistan Offshore and Kufpec Pakistan have agreed to acquire 50 % of Shell Development and Offshore Pakistan’s 95 % working interest in block 2365-1 Offshore Indus E, a deepwater oil exploration licence in the Indus basin, approximately 150 km south of Karachi.
The new partnership comprises Shell (47.50 %), Premier (23.75 %), Kufpec (23.75 %) and Government Holdings (5 %). It is expected that investment in exploration activities would rise significantly from the Shell/ Government Holdings joint venture’s present commitment of $ 2 mm to over $ 11 mm during the current licence period.

Farooq Rahmatullah, Chairman Shell of Companies in Pakistan and Managing Director of Shell Pakistan said: "We are delighted to announce the formation of this new partnership and the resultant increased investment in Pakistan’s oil and gas sector. With the support of our new partners, we are able to pursue a more ambitious exploration programme than had been previously planned."
"Shell and its new joint venture partners, Premier and Kufpec, along with GHPL, now intend to carry out a 3-D seismic survey over sections of block 2365-1 in 2003-04 to better understand whether they might have the potential to hold commercially recoverable volumes of hydrocarbons.”

"If these results are promising, we will consider whether to move towards the next phase of exploration," said a spokesperson for the company.
Shell, Kufpec and Premier are committed to the efficient, profitable and responsible exploration, development and production of energy resources in more than 45 countries around the world.

Source: The News International, Pakistan
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