Energy giant pumping $200m into Pakistani projects

KARACHI: United Energy Group (UEG) Limited, an oil and gas company listed on Hong Kong stock exchange has raised its capital expenditure investment for its Pakistan assets to $200 million for exploitation and exploration works. The additional investment has boosted the project’s daily production capability from approximately 20,000 barrels of oil equivalent (BOE) per day when UEG initiated the project last September to about 25,000 BOE per day as at the end of first quarter of this year.