ISLAMABAD: Further increasing its business and achieving investment plans, the Hashoo Group has bought Australian exploration company BHP Billiton.
This was revealed by Kamran Ahmed, CEO of Ocean Petroleum Limited, a flagship company of the Hashoo Group in the oil and gas industry, while talking to media. He said that Tri Resources Investments has successfully executed the sale and purchase agreement for the acquisition of entire shareholding of BHP Pakistan.
“The Competition Commission of Pakistan has already issued a no-objection certificate and NOC from the Ministry of Petroleum is expected soon,” he added.
Ahmed said that the Hashoo Group, in its bid to ramp up investment in hydrocarbon production in Pakistan, would take steps to stop the fast declining gas output from the Zamzama field immediately after the petroleum ministry gave the go-ahead. He said that BHP has framed a policy to remain engaged in its core oil business globally whereas in Pakistan prospects of oil exploration are low compared to gas.
“This was the reason why BHP wanted to quit,” he said, adding output from the Zamzama field had dropped from 500 million cubic feet of gas per day (mmcfd) to 130 mmcfd.
However, a study conducted by Ocean Petroleum indicates that the field has still the potential to produce 200 to 300 billion cubic feet of gas.
Ocean Petroleum, with the help of joint-venture partners, has increased production from the Ratana field to over 13 mmcfd of gas and 850 barrels per day (bpd) of condensate, which is expected to go up further to over 20 mmcfd and 1,500 bpd before winter sets in.
