MOL Praises Investment Policy Of KP Govt; Doubles Investment During 2 Years

MOL praises investment policy of KP Govt; doubles investment during 2 years

PESHAWAR, (Pakistan Point News - APP - 24th August, 2016) : The Chief Operating Officer of MOL, Dr Berislav Gaso on Wednesday hailed the investor friendly policy of Khyber Pakhtunkhwa government and said that MOL has more than doubled its investment from around US $2 billion to over US $5 billion during the last one year in exploration of oil and gas sector. She said that during a meeting with the Chief Minister Khyber Pakhtunkhwa Pervez Khattak here and informed that due to multiplication of its investment the province revenue generation and benefits to the locals have also increased.

On the Occasion, the Chief Minister said that people have started realization of the benefits of PTI led Government's policies aimed at empowerment of the general masses. Talking to a delegation of MOL led by its Chief Operating Officer Dr Berislav Gaso and Group Regional Advisor Ali Murtaza Abbas, he said that transparency, decentralization of authority and operational autonomy of the institutions, devolution of powers to the local elected bodies, improvement in efficiency of the bureaucracy and services and eradication of corruption are at the core of these policies.

For ensuring transparency, the PTI led Government has promulgated the Right to Information Act and thus each and every citizen has now access to the inside affairs of every government institution while for operational autonomy the new Police Act and the Health Sector Reforms are sufficient proof. He pointed out that 30 per cent development budget has been given to the local bodies while all industrial zones have also been given to independent bodies managed by autonomous boards.

The members of all such boards are selected from the private sectors, he added. All these reforms, the Chief Minister pointed out, are backed by proper legislation enacted through the Provincial Assembly after proper consultations. Same, he said is the case with the Right to Service Act whereby government functionaries are bound to deliver specific services in specifically stipulated times and the Whistle Blowers Protection and Vigilance Act ensuring protection and financial benefits to such blowers.

These autonomous boards responsible for the management of these autonomous bodies are given just one line budgets and the government doesn't interfere in their internal affairs. Internally, the Chief Minster said they are free to manage their affairs. On the occasion, as part of their corporate social responsibility, the MOL delegation presented a cheque of US $ 500,000 for water supply, sanitation and other social welfare schemes in the areas of their operations.

While appreciating the investors friendly policies of the PTI led government and investors friendly conditions in the Province, the delegation assured that they would increase their contributions to the social sector like education, Primary health, sports, water and sanitations as well as their investments in different other sectors besides oil and gas explorations. The Budapest, Hungary based MOL Group is an integrated, international oil and gas company active in over 30 countries with an international workforce of 26,000.

MOL Pakistan has a track record of operations in Pakistan where it has operated as well as non-operated joint ventures with the local E&P companies. Currently MOL Pakistan is the Operator of the Tal, Margala and Margala North blocks and it has participation in two non-operated blocks namely Karak and Ghauri in KP. Apart from its operations in Khyber Pakhtunkhwa, MOL is actively pursuing acquisition of interest in the provinces of Punjab, Sindh and Balochistan.

It holds exploration area around 9,800 sq.km in various blocks whereas it has 465 sq.km acreage of the D&P lease area. Till December 2014, MOL Pakistan has managed to drill 13 exploratory wells under 1 drilling, 6 appraisal wells under 1 drilling and 12 developments wells in these Operated blocks. MOL Pakistan has 7 discoveries to its credit in operated blocks of KP namely Manzalai, Makori, Mamikhel, Maramzai, Tolanj, Makori East and 2 discoveries in non-operated blocks namely Halini and Ghauri.