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Pakistan approves offshore exploration policy

KARACHI� Pakistan's Federal Cabinet approved a package of reforms aimed at encouraging oil and gas exploration at a meeting chaired by Pakistani ruler Gen. Pervez Musharraf.

Members of the cabinet approved a proposed offshore petroleum exploration and production policy and a model production sharing agreement aimed at accelerating the process of drilling in offshore areas. As part of the activity, the previously designated deepwater zone was redefined and divided into deep and ultradeepwater zones with a new profit oil/profit gas split.

The package has been devised to encourage foreign companies to invest in exploration of oil and gas in the offshore areas of Pakistan.

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