KARACHI, Feb 8 (INP): Petroleum Minister Syed Naveed Qamar visited the offshore well Shark 1 on Monday, to see for himself the progress of drilling.

He was accompanied by newly appointed Secretary Petroleum Kamran Lashari, Director General Petroleum Concessions Muhammad Naeem Malik, Managing Director, ENI Pakistan Limited (ENI) Paolo Giraudi, Managing Director and Chief Executive Officer, Pakistan Petroleum Limited (PPL) Khalid Rehman Managing Director, Government Holdings Private Limited Irfan Nasar.

The Minister surveyed the site and met with the drilling team during the visit. The drilling of Shark I began on January 17, 2010. The well is expected to be drilled to the depth of approximately 3,540 meters.

Shark 1 is the first exploratory well being drilled in Indus ‘M’ Block, Located 87 Kilometers south-west of Karachi. The Block is a joint venture (JV) between ENI as operator with 70 percent working interest and PPL holding the remaining 30 percent.

Shark I is the first offshore well drilled in Pakistan by ENI, an Italian Exploration and Production (E&P) company that has been active in the country since 2000. Beside Indus ‘M’, ENI and PPL are JV partners in several exploration blocks, including offshore blocks Indus ‘N’ and ‘C’.

Following his return from Shark I, Minister Syed Naveed Qamar met with a high-level delegation from ENI Italy that included Vice President Umberto Virgin, Regional Vice President Luigi Ciarrochi and Regional Coordinator Santo Lagana, all belonging to the company’s E&P Division.

The Minister appreciated the ENI team on initiating work at Shark I, and apprised them of the untapped potential for discovering reserves of hydrocarbons in Pakistan’s offshore areas. He added that the MPNR was committed to providing full cooperation to ENI to facilitate its exploration program at Shark 1 as well as other blocks.

INP/AH/AJ