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07 February 2019 03:31

Offshore oil, gas exploration accord signed with Russia

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ISLAMABAD: As a major sign of increasing economic cooperation, Pakistan and Russia on Wednesday signed an inter corporate agreement for the laying of more than 1,500 km offshore gas pipeline costing $10 billion that would be transporting natural gas from the Russian gas company Gazprom's sources in the Middle East to Pakistan with possibility of extending it further to South Asian countries. Mobin Saulat, Managing Director of Inter-State Gas Systems (ISGS), a state-owned company with the mandate to build gas pipelines and gas import projects, and Vitaly A Markelov of Russian Gazprom Gas Company signed this Inter Corporate Agreement (between companies) here. Pakistan will import some 500 million to one billion cubic feet of gas per day (MMCFD) from these Russian sources, which would be transported via sea link, the agreement stipulates. Russia holds huge gas deposits in Bahrain, Qatar and other Middle Eastern countries and had offered Pakistan and India gas exports by laying the offshore pipeline that would be passing through Gwadar. Markelov, Deputy Chairman of the Management committee, PJSC, 'Gazprom' International, visited the Petroleum Division and held a meeting with Petroleum Minister Ghulam Sarwar Khan and other government officials.

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According to a statement, federal Petroleum Minister Ghulam Sarwar Khan appreciated the expanding trajectory of bilateral relations between Russia and Pakistan. Khan welcomed Gazprom's interest in offshore gas pipeline project and termed it a manifestation of multifaceted cooperation between both countries. Owing to a long-running tussle with Europe and the United States over the annexation of Ukrainian region of Crimea, Russia is looking for alternative markets and wants to capitalise on the increasing energy demand in South Asia. Russia's Gazprom is looking to gain an even larger gas market share in Europe following record-high 2018 exports, expecting a decline in Europe's gas output combined with rising demand, a senior manager at the company said. Elena Burmistrova, in charge of the Russian company's exports, said Gazprom would be able to offset a production decline in the European Union, mainly at the Netherlands' Groningen, once Europe's largest natural gas field.

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Burmistrova said Gazprom was striving to raise its market share in Europe, where the company generates two thirds of its gas sales. The Gazprom manager said the company had proven to be a reliable gas supplier and that its exports in Europe would not suffer because of politics. ISLAMABAD: Russia has signed an agreement with Pakistan on offshore oil and gas exploration activities, besides laying a pipeline to supply gas to the country from its Middle East resources through the sea link. The inter-corporate deal was signed by Managing Director of Inter-State Gas Systems Limited of Pakistan Mobin Saulat and Deputy Chairman of Gazprom International of Russia Vitaly A. Appreciating the expanding trajectory of relations between Russia and Pakistan, the minister welcomed Gazprom's interest in the offshore gas pipeline project and termed it a manifestation of multifaceted cooperation between the two countries.

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Under agreement, Pakistan will import 500 million to one billion cubic feet gas per day to be transported via sea link Pakistan on Wednesday signed an agreement with Russia for offshore oil and gas exploration activities, besides laying a pipeline to supply gas to the country from the Middle East through the sea link. Inter State Gas Systems Limited (ISGSL) of Pakistan Managing Director Mobin Saulat and Deputy Chairman Gazprom International of Russia Vitaly A Markelov signed an inter-corporate agreement, a Petroleum Division press release said. Appreciating the expanding trajectory of relations between Russia and Pakistan, the minister welcomed the Gazprom's interest in off-shore gas pipeline project and termed it a manifestation of multifaceted cooperation between the two countries. "This project envisages transporting of gas molecules from Gazprom's sources in the Middle East onwards to Pakistan with a possibility in extending it further to South Asian countries," he said. Under the agreement, Pakistan will import some 500 million to 1 billion cubic feet gas per day from Russia, which would be transported via sea link.

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The Russian side thanked Pakistan for the facilitation being extended in preparing necessary groundwork for the project, renewing the commitment to further enhance the existing energy cooperation between the two countries. Russia has signed an agreement with Pakistan for offshore oil and gas exploration. Managing Director Inter State Gas Systems Limited of Pakistan, Mobin Saulat and Deputy Chairman Gazprom International of Russia Vitaly A. This project envisages transporting of gas molecules from Gazprom's sources in the Middle East onwards to Pakistan with a possibility in extending it further to South Asian countries. Under the agreement, Pakistan would import upto one billion cubic feet gas per day from Russia, which would be transported via the sea-link.

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Inter-State Gas Systems (ISGS) and Gazprom on Wednesday signed a Memorandum of Understanding (MoU) to conduct a joint feasibility study regarding gas supplies from the Middle East to South Asian countries, according to a press release by Russian energy giant. The MoU was inked by ISGS Managing Director Mubeen Saulat and Gazprom board member Vitaly Markelov during a meeting between a Russian delegation and Petroleum Minister Ghulam Sarwar Khan. The agreement penned was a follow-up to the one signed by the two countries in September 2018 for a planned offshore gas pipeline. Federal Minister for Petroleum Ghulam Sarwar Khan in a statement has said that Russia will make an investment of 10 billion dollars in Pakistan. Ghulam Sarwar Khan said that the Russian company will invest in petroleum and gas sector.

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The agreement has been reached between Pakistan's Inter State Gas Systems (ISGS) and Russia's Gazprom Company in this regard, he added. Russia will provide 1 billion cubic-feet gas per day to Pakistan according to the agreement