Morning Briefing for Sep 29, 2011 – Standard Capital

Karachi: White House pouring water on Mullen’s statement

Mullen’s recently made statement wherein accusing Pakistani Government of aiding insurgent group in Afghanistan and alleging it be a veritable arm of Pakistan’s spy service, caused some tension between US‐Pak relations. This allegation then resulted in a blowback and overheated reactions in Pakistan and misperceptions in Washington.

According to Standard Capital, in order to cool down this tension, United States is struggling to better‐off US‐Pak relationship. White House is clearly trying to establish this relationship while massaging Mullen’s statement. They are considering this case to be more overstated by Mullen as this is a result of growing frustration with a mindset that the war in terror is nothing more than a duplicitous motivation. This is good news for Pakistan as it might improve the relations between the two countries.

OGDC leading the success rate on exploration front
The Oil and Gas Development Company (OGDC) being the pioneer national oil and gas company has registered it exploring activities to be successful in Pakistan and even claiming its worldwide achievement by registering discoveries with finding one well productive out of four.

OGDC exploration activities had been successful in Pakistan as compared to the rest of the world where companies succeeded to dig one well productive out of 10. The company is operating with 40 producing fields of oil and gas, contributing 57 percent with 37,023 barrels of oil per day while the country’s total oil production stands at around 64,985 barrels of oil per day.

Moreover, OGDC was recently awarded four exploration licenses—two blocks in Balochistan, one in Punjab and one Sindh. Currently the OGDCL had 34 licenses including five blocks in Khyber Pakhtunkhwa, seven blocks in Punjab, 10 blocks in Balochistan, 9 in Sindh and three blocks offshore.

OGDC is also playing a key role in exploring hydrocarbon opportunities in the country by completing the Pakistan Basin Study (PBS); this will provide a clear picture to all exploration companies about the country’s potential in hydrocarbon resources.

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