Lasmo Oil Pakistan and partners signed a Gas Sales Agreement for one trillion cubic feet of gas from the new Bhit field in Pakistan.
The accord will allow full-scale development of the field. Pakistan's Secretary of Petroleum and Natural Resources and the Sui Southern Gas Company Ltd. signed the accord with the Bhit joint venture partners, which include Premier Oil plc, Kirthar Pakistan BV, a unit of Premier and Shell Pakistan, and Oil & Gas Development Corp. Ltd.
The field was declared commercially exploitable in September 1999. The first phase of development will require an estimated investment of $260 million. First gas is anticipated by the end of 2002, building to a plateau production rate of 235 MMcf/d in early 2003.
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