Eni has signed an energy sector cooperation protocol with Pakistan and unveiled plans to double its production in the country.
The agreement strengthens relationships between Eni and Pakistan and will enable Eni to enter fields which are managed by state-run oil companies. The pact will help the company double its Pakistan production over the next five years from the 2008 tally of 56,000 barrels of oil equivalent.
Offshore oil and gas opportunities in Pakistan are considered “very promising” with the first offshore well in the region to be drilled in 2010. Eni will invest $50-70 million per year over the next few years in exploration in the country and another $50-70 million for development. Most of Eni’s equity production in Pakistan is natural gas.