ISLAMABAD, June 2: The chief executive of Frontier Holdings limited, a subsidiary of Proprietary Industries of Canada, Nigel McCue accompanied by its president Grahem Gamer called on the Minister for Petroleum and Natural Resources Amanullah Khan Jadoon here on Friday.

During the meeting they briefed the minister about their company’s $230 million investment plan in Pakistan‘s energy sector in collaboration with a local company M/s Petroleum Exploration limited (PEL).

Mr Nigel informed the minister that his company had entered into a partnership with PEL, which has resulted in acquiring working interests in six concession areas namely — Mirpur Mathelo, Kandra Development and Production Lease, Badin IV South, Badin IV North, Salaam and Karsal blocks while the PEL would remain the operator.

He said that the joint venture had drawn up plans to invest $120 million in oil and gas sector. They will drill 25 exploratory and development wells in three years in addition to undertaking over 650 km of seismic acquisition. The two sides will also collaborate on the establishment of a 120 MW plant, utilising the natural gas of Kandra gas field. This alone entails an additional joint investment of over $110 million.

The visiting dignitaries appreciated the investors’ friendly policies of the government in oil and gas sector particularly the onshore and offshore exploration activities.

The minister welcomed the Frontier Holdings‘ partnership with PEL and termed it an important development for the country’s energy sector, as the company was not only bringing in a huge amount of foreign investment, but also state- of-the-art technology and expertise in the country.

He spoke of the vision and resolve with which the government was pursuing the goal of attracting investment in the energy sector.

Mr Jadoon said entry of the Canadian company in Pakistan‘s oil and gas sector would help attract other multi-national oil companies, thus having a far-reaching effect on the national economy in particular in the growth of the petroleum sector. He also appreciated the efforts of PEL in the development of oil and gas sector.

Secretary Petroleum, director general Petroleum Concessions, Khurshid Anwer, managing director, Government Holdings Private limited and Zaheeruddin, chairman PEL were also present during the meeting.