Pakistan Government approves development of the Bhit Gas Field

abarrelfullabarrelfull wrote on 06 Jun 2012 11:08

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27 Nov 2000

Premier Oil plc is pleased to announce the signing of the Gas Sales Agreement for the one trillion cubic feet Bhit gas field. At a ceremony on Saturday 25 November the President of The Islamic Republic of Pakistan, represented by the Secretary of Petroleum and Natural Resources, signed the Gas Sales Agreement with the Sui Southern Gas Company Limited and the Bhit Joint Venture partners.

The signing of this agreement, along with the Gas Pricing Agreement and the Petroleum Development and Production Lease, authorises the Bhit Joint Venture partners to commence the full-scale development of the Bhit field. The field was declared commercially exploitable in September 1999, and the first phase of development requires an estimated investment of US$ 260 million. First gas is anticipated by the end of 2002, building to a plateau production rate of 235 million standard cubic feet per day in early 2003.

Charles Jamieson, Premier Oil's CEO said,

"This is a significant milestone for Premier's business in Pakistan and further demonstrates the resolve of the Pakistan Government to speed the development of the country's natural gas resources."

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