UEG investing another $200 million into its Pakistani projects – Oil and gas news update
Energy Group (UEG) Limited, Oil and gas company listed on the Hong Kong Stock Exchange has increased its capital cost investment for its assets in Pakistan’s $ 200 million for operating and exploration.
investment has increased the daily production capacity of the project with approximately 20,000 barrels of oil equivalent (BOE) per day when the UEG initiator of the project in September last year, about 25,000 barrels per day by the end of the first quarter
of this year.
In December 2010, British Petroleum (BP) agreed to sell its assets in Pakistan Hong Kong conglomerate for $ 775
million. After completion of the transaction
the transaction, the company has a team of nine production and exploration blocks in Sindh and four offshore exploration blocks in the Arabian Sea.
BP’s deal last year was a significant investment made by Chinese private enterprises in the energy
sector of Pakistan. UEG Limited Chairman and CEO Zhang Hong Wei expressed his gratitude
to the Governments of both countries for their strong support in promoting the agreement.
has become a model for our colleagues to invest in Pakistan. United Energy aims to become one of the leading energy reserves and put the company in the country over the next three to five years," he said.
success of our project is an example of Pakistani Chinese private enterprises that invest in overseas markets. Although they may be faced with a variety of operational, development problems, the government and concerned departments will pay more attention
to the needs of these companies. Government of China and Pakistan have great hopes
the progress of energy projects
of our company. We will continue to invest in existing projects, and actively identify new opportunities for development in other traditional sources of energy, "Hong Wei completed.