OGDC Doubles Exploration Budget

October 2006 | Company News Alert

Pakistan's largest explorer, the Oil and Gas Development Company (OGDC), has more than doubled its exploration budget and is planning to expand its business overseas for the first time, the company's chief executive has said in an interview with the Financial Times. Currently dependent on imports for 80% of the country's energy requirement, the government of Pakistan has been encouraging domestic and foreign firms to increase exploration activities in the country. OGDC's exploration plans also reflect pressure from donors such as the World Bank and the Asian Development Bank (ADB) for Pakistan to find new sources of natural gas. Pakistan

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