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Thursday Jul 13 2017

Oil and gas: Three exploration companies decide to wrap up operations in Pakistan

ISLAMABAD: Three foreign companies, involved in oil and gas exploration activities in Pakistan, have decided to wrap up their operations in the country. 

The sale of British company Premier is in the final stages, said an official of Exploration Companies Association (ECA). 

Premier has oil and gas assets in Qadirpur, Bhit and other fields. 

European firm OMV has also decided to wrap up their operations in the country, added the ECA official. OMV maintains assets in Sawan, Mehr and Miano gas fields.

"Tullow, which has worked in the country for years, has also decided to leave," said Mazhar Farooq of ECA. 

Tullow has assets in Oil and Gas Development Corporation (OGDC) and Balochistan.

Hashwani and Al-Haj group appear interested in buying assets of Tullow, according to various industry sources. 

However, OMW is still searching for prospective buyers. Sources in the industry added that bidding has not been carried out for exploration activities for the last three years. 

Minister for Petroleum Shahid Khaqan Abbasi, however, blamed the instability brought on by the Panama Papers Joint Investigation Team (JIT) report as a contributing factor.