OKTA Group wants to spend $500 million in Pakistan’s oil and gas sector over the next few years, with the primary goal of localizing the supply of important hydrocarbon resources.
During the director-general petroleum concession (DGPC) bidding round, held under the ministry of energy in January 2021, the Group’s subsidiary, OKTA Exploration & Production Limited, entered the oil and gas business. Block-28 North and D.I. Khan West Block were two exploration blocks won by the corporation.
“Both blocks are in highly prospective zones as proved by three recent gas discoveries of OGDCL around Block-28 North and discovery of Wali-1 well near D.I. Khan West Block,” the company said.
“In near future, successful discoveries in both blocks will positively contribute to mitigating energy demand and supply gap from indigenous resources.”
OKTA Group said it is expanding its area of activity to include becoming a fully integrated E&P player in the region, with medium-term aspirations to build its own oil refinery and marketing infrastructure.
OKTA Group, meanwhile, plans to build a petrochemical factory to separate additional usable compounds from recovered hydrocarbons, according to the company.
“In the next ten years, the company’s long-term plan is to invest over $1 billion.” Without a doubt, this massive investment in the country will produce jobs at all levels of the industry.
“At the same time, the company looks forward to bringing international investors into Pakistan’s Oil & Gas sector, as Investors from Russia & Saudi Arabia are showing interest for JV partnership in this area.”