ISLAMABAD, Oct 9. Paki-President Mohammad Ra-Tarar on Sunday invited preign investors to help exploit die country's huge untapped oil and gas resources, reports AFP.

"Our basins are known to be hydrocarbon-rich and according to estimates the resource potential of Pakistan is 200 trillion cubic feet of gas and six billion barrels of oil." Tarar said, referring to the Indus basin m southern Sindh province. Potohar in Punjab province and Pishin basin in southwestern Baluchistan province.

"I would invite the investors to come forward with tneir pro-

posils" iii developing the coun-try’s potential in (he energy sector, he said while opening a three-day conference of some 200 local and foreign oil and gas experts.

Pakistan also has a vast offshore area which needs to be explored. Tarar said, adding that a new package of incentives for offshore exploration, based on production sharing, had been developed.

Voicing hopes that petroleum companies would "re-s|Kmd positively" to the incentives he told local and foreign investors that a system was

being devised "to balance and protect the Interests'' of all stakeholders

Minister for Petroleum and Natural Resources Usman Aminuddin said since the military regime look over in October last year Pakistan had attracted 700 million dollars foreign investment in the exploration and development of oil and gas fields.

"This will send a positive signal Io all those considering investing in this sector of Pakistan." he said.

He said the 900-mlllion-dollar Pak Arab Reftncrv Com-panv (PARCO) with 40 per cent

equity troin the Gulf state of Abu Dhabi commenced production recently, increasing the country’s annual relining capacity from 6.5 million tonnes to 1 1 million tonnes.

Energy deficient Pakistan produces around 57.000 barrels of oil per day. just 16 per cent of its daily requirement of 350.000 barrels.

The country's annual oil import bill stands at around three billion dollars.

Military ruler General Pervez Musharraf will speak at the concluding session on Tuesday.