ISLAMABAD, Jan 24 (APP): The government on Wednesday awarded eight new Exploration and Production (E&P) blocks to accelerate oil and gas exploration activities in potential areas and meet the ever-growing needs of the country.
With the award of exploration licenses to local and international companies, there would be over $33.3 million in investment over three years.
According to a news release the Ministry of Petroleum executed Petroleum Concession Agreements (PCAs) and Exploration Licences (ELs) over block no. Kotra East (2867-8), Murradi (2767-7), Sehwan (2667-19) and Zindan-II (3271-9) with Oil & Gas Development Company Limited (OGDCL), Multanai (3168-3) with Pakistan Oilfields Limited (POL), Sawan South (2668-26) with United Energy Pakistan Limited (UEP) – a Chinese Exploration & Production Company, Gambat-II (2668-25) with Joint Venture of Pakistan Petroleum Limited (Operator) and OGDCL and Saruna West (2666-1) with Joint Venture of POL (Operator), PPL and OGDCL.
The award-signing ceremony was attended by Muhammad Ali, Minister for Power and Petroleum, Dr. Muhammad Jahanzaib Khan, Special Assistant to Prime Minister (Governance Effectiveness), DG SIFC, Major General Tabassum Habib National Coordinator SIFC, Lieutenant General (R) Muhammad Saeed.
The Exploration Licence and PCA were signed by Momin Agha, Secretary Petroleum Division, Kashif Ali, Director General Petroleum Concessions on behalf of the Government of Pakistan, Ahmed Hayat Lak, Managing Director/Chief Executive Officer (CEO), OGDCL, Shuaib A. Malik, Chairman/CEO, POL, Sikandar Ali Memon, Chief Operating Officer, PPL and Dr. Nadeem Ahmed, Head of Exploration, UEP.
On the occasion, Minister for Petroleum Muhammad Ali said that these efforts will bear fruit for the country in the form of additional hydrocarbon reserves during the next few years.
He said the execution of the Exploration Licences and PCAs will not only enhance investment in the petroleum sector but also contribute to bridging the energy demand and supply gap.
The E&P companies would spend a minimum of US $30,000 annually in each block on social welfare schemes in their respective areas.
