Oil exploration, coal mining and power generation project: foreign group to invest $2

[Neo]

Oil exploration, coal mining and power generation project: foreign group to invest $200 billion in Sindh, says Soomro ​

KARACHI (February 11 2008): Caretaker Prime Minister, Mohammedmian Soomro Sunday said that an entrepreneur group from United States and Canada will jointly invest in oil exploration, coal mining and power generation project in Sindh with an initial investment of $200 billion.

Prime Minister said the foreign investment will help the country attain its goal of self-reliance in power sector. He was talking to the media after a call-on by a foreign investors delegation at his residence here. He said he was glad for the trust showed by the foreign investors in Pakistan.

The Prime Minister said the United States and Canadian entrepreneurs will finalise their project and the work will start soon. He said the project will help create more employment opportunities in Pakistan. The national exchequer will get tax revenues as well as it will help the country in its endeavour to achieve self-reliance in energy sector.

Prime Minister Mohammedmian Soomro apprised that the group will jointly pour investment of about $200 billion in the project while later more investment will be made.

Earlier, a delegation of Cathay Oil and Gas Company led by its Executive Chairman Robert M. Miller called on the Prime Minister at his residence here. The other members of the delegation included Ian Brodie, David Beatty and David Farguharson.

Talking to media, the Executive Chairman Cathay Oil and Gas, Robert M. Miller thanked President Pervez Musharraf and Prime Minister Mohammedmian Soomro for their support for his company in its project. He said the Company is going to formally start work on the project in Sindh soon.

Business Recorder [Pakistan's First Financial Daily]

 

[Neo]

Oil, gas E&P companies: FBS seeks 10-year investment data ​

ISLAMABAD (February 11 2008): The Federal Bureau of Statistics (FBS) has sought data of investment in Pakistan in last 10 years by all multinational and domestic oil and gas exploration and production (E&P) companies. Sources said that FBS has circulated a four-page form to multinational and domestic E&P companies, seeking volume and area of investment made in oil and gas sector of Pakistan during the past one decade.

They said that data on investment would give the exact size of investment in Pakistan's oil and gas company and enable the authorities to frame policies for the future. The Federal Board of Revenue (FBR) is also working parallel to FBS for seeking fresh data from different sectors for evaluating their taxation potential and actual taxes paid by the taxpayers. The availability of data will make it possible for the authorities to work out an effective strategy for plugging taxes evasion.

Reliable data is a serious problem in Pakistan. One can hardly find any sector which possesses reliable data. This issue is not only confusing the officials to know the exact picture of any sector, but also plaguing Pakistan's economic progress and potential. The officials concede that non-availability of reliable data was making the policy work difficult, besides creating unfavourable environment for those sectors which are comparatively performing well.

The seriousness of the issue has been noted at the highest level following a number of meetings held during the last one-and-a-half years. President Pervez Musharraf took serious notice of contradictory data of different departments, particularly the State Bank of Pakistan (SBP) and Customs, on exports and other several key areas in a meeting held here some time back and directed the FBS to come up with the latest technology and computerised system to compile reliable data. He showed annoyance over poor performance of FBS in collecting the fresh data from the government departments.

A senior official of Science and Technology spoke on data collection and dissemination for information at a roundtable conference here. He shared with the participants the importance of reliable data and its timely dissemination for information of other government departments. He said Pakistan's data collection and dissemination system was not up to the mark but efforts were being made to change the entire system and get reliable statistics as mush as possible.

The data on investment will enable the concerned authorities to come up with a clear picture as to what was the actual volume of investment in Pakistan during the last one decade.

Business Recorder [Pakistan's First Financial Daily]

 

[Contrarian]

Its $200mn Neo.

 

[Bushroda]

Maybe its $200 bln but it could be over a long period of time.

 

[Contrarian]

Nope, it was written on the president of pakistan website. 200Mn. Plus if you look at the companies portfolio, their regular investments in this field has been much much lower. Not to mention that the article itself says 'initially'. Not over a period of time.

 

[Bushroda]

I just read it carefully & it reads as initial investment of $200 bln. This sounds dicey

 

[maqsad]

I looked up Cathay Oil and Gas and this news is repeated from August 2007. Also the 200 billion is too high, the real figure must be 200 million and all these news reporters probably repeated their mistake by researching older articles which had the same error.

Aug 08, 2007 13:45 ET
Cathay Oil & Gas Ltd. Acquires Rights to Pakistan Coal/Coalbed Methane and to Participate in Joint Countrywide Natural Resource Exploration Project

TORONTO, ONTARIO--(Marketwire - Aug. 8, 2007) - Cathay Oil & Gas Ltd. (Cathay) has acquired the exclusive rights to coal bed methane and groundwater in the Pakistan province of Sindh, estimated at up to 21 trillion feet of recoverable natural gas. In addition, Cathay Oil and Gas Ltd is part of a consortia of entities including Pakistan and U.S. Government organizations and academic groups that will conduct a multi-year countrywide aerial and land based exploration program. Pending funding, Cathay will have the right to develop additional natural resource discoveries including coal, coal bed methane, oil, and minerals. Cathay is currently in advanced discussions with potential funders.

Link: Cathay Oil & Gas Ltd. Acquires Rights to Pakistan Coal/Coalbed Methane and to Participate in Joint Countrywide Natural Resource Exploration Project

 

[Neo]

$250 million or $200 billion? Cathay Oil team calls on Sindh chief minister ​

KARACHI (February 12 2008): According to Associated Press of Pakistan (APP), a team of Cathay Oil Group of Canada and USA, led by Executive Chairman Robert Miller, called on caretaker Sindh Chief Minister former Justice Abdul Qadir Halepota at Chief Minister House here Monday.

The team gave a detailed presentation about their dollar 250 million (however, the amount was $200billion in the APP report appeared in Business Recorder on Monday) power generation, coal mining and oil exploration project. Cathay Oil Company and Sindh Coal Authority had signed a MoU in January 2006 at Chief Minister House and the project was unnecessarily facing a delay.

Business Recorder [Pakistan's First Financial Daily]

 

[Neo]

So the investment is worth $250 million.

 

[mujahideen]

Joint search for oil in Kashmir

By Jawed Naqvi

NEW DELHI, Feb 22: Have geologists from India and Pakistan joined hands to explore oil in Jammu and Kashmir and Pakistan?

“It is believed the Valley has rich oil reserves,” Mumbai’s DNA newspaper reported on Friday.

It said some 150 internationally reputed geologists, including seven from Pakistan, are holding an international conference in Jammu to explore the huge oil wealth. “J&K, Pakistan and middle-eastern countries come under the same geological set-up which has prompted the experts to explore oil reserves buried under rock beds in the state,” DNA said in a report from Srinagar.

It said the experts were also likely to survey some areas in Katra, Patnitop and other high altitudes to study the rock structure for old oil. Geologists say there are some rocks rich in old oil which can be used as an alternative fuel in view of the fact that oil wells are exhausting worldwide.

“It is a research-based study in which we want to cooperate with Pakistani experts and vice versa. We will be sharing the data with each other,” said Dr G.M. Bhat, noted geologist, who teaches the subject in Jammu University.

Reports say there are rock beds with huge oil reserves but its exploration is very difficult. It requires persistent efforts and deep drilling to explore old oil from the rock beds, DNA said.

Joint search for oil in Kashmir -DAWN - Top Stories; February 23, 2008