Pakistan's largest energy company plans to explore oil overseas next year

The Oil and Gas Development Company (OGDC), Pakistan's largest energy exploration business, planned to launch its energy exploration ventures overseas next year, the website of local newspaper The News reported on Friday.

OGDC's Chairman and Chief Executive Arshad Nasar said that over the next three years, OGDC would finance 2 billion dollars in works for the exploration and production of oil, adding that during 2006-07, 41 new wells are also included in these works.

The company has more than doubled its budget and is planning new overseas ventures for the first time, Nasar said.

Nasar said OGDC wanted to avail the opportunities lying in other countries including Yemen, Libya and Oman.

"The first project in this regard would be launched next year," he said adding that the company would accrue a good deal of income by investing in overseas exploration projects.

Source: Xinhua