Wednesday, March 18, 2009

Eni to double Pakistan output in 5-6 years: Reuters

MILAN, March 18 (Reuters) - Italian oil and gas group Eni (ENI.MI) aims to double its oil and gas production in Pakistan over the next five to six years from the 56,000 barrels of oil equivalent in 2008, Chief Executive Paolo Scaroni said.

Speaking to reporters on a conference call on Wednesday, Scaroni said offshore oil and gas opportunities in Pakistan were "very promising", adding the group had "ambitious objectives".

The first offshore well in the region will be drilled in 2010, he said.

Eni said earlier on Wednesday it had signed a protocol for cooperation with Pakistan's government to develop oil and gas projects in the country.

Eni will invest around $50-70 million per year over the next few years in exploration in the country and another $50-70 million for development, Scaroni said.

For more on this article, please click on the following link: Eni to double Pakistan output in 5-6 years: Reuters

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