Pakistan Oil and Gas Company plans to purchase overseas energy exploration rights
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Nasar said the company plans to increase its oil and gas well exploration spending by 150% to $890 million in 2006, but has yet to decide how much it will invest overseas. Pakistan needs to increase the production of oil and natural gas in domestic oil fields and ensure overseas energy supply to control its oil imports, which account for more than 20% of the country's total imports.
On July 14, NYMEX crude oil price rose to a record 78.40 US dollars / barrel. Nasar said it needed to improve the country's energy security, speed up exploration activities and increase production of existing wells.