The managing director of MOL Pakistan said investment in the region will continue as the company sees the low oil price as “an opportunity, rather than as a threat”.
Akos Grosz said the Middle Eastern country has come “a long way” in the past 15 years, establishing itself as a low-cost producer.
The company sees further opportunities in the region including new exploration.
He said: “The oil industry is facing a significant price challenge at a global scale. But still, MOL Pakistan is a stable cash generator due to multiple factors. First of all we enjoy a favourable production mix of oil and gas – Pakistan is short of gas, hence the government increased the price of gas offtake to encourage developments.
“Second, we have come a long way in the past 15 years to become a quite efficient producer and have established ourselves as a low-cost producer.
“That being said, similarly to other operating companies, we have to further rationalise our cost structure and curtail any unnecessary spending.
“We take this new environment as an opportunity rather than as a threat, so that should the oil price recover, the cash generation capabilities of MOL Pakistan will increase progressively and will be in a position to face new challenges.”
MOL Pakistan now has more than 500 people, including the successful deployment of female engineers at the company’s remote facilities.
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