MARI awarded 5 exploration blocks by Petroleum Division
MG News | April 28, 2022 at 10:49 AM GMT+05:00
April 28, 2022 (MLN): Mari Petroleum Company Limited (PSX: MPCL) has been awarded new exploration blocks in the latest block bidding round conducted by the Directorate General of Petroleum Concession, Ministry of Energy (Petroleum Division), Government of Pakistan, the company filing on PSX showed on Thursday.
Out of five exploration blocks, two blocks Dadhar and Mach at Balochistan are awarded as an operator, and three blocks including Kalat West, Sui North, and Merranpur as a JV Partner with other E&P Companies namely, Pakistan Petroleum Limited (PPL) and United Energy Pakistan Limited (UEPL).
The formal award of petroleum rights (exploration license) in the aforementioned blocks is conditional to the execution of petroleum exploration licenses/petroleum concession agreements with the government, execution of joint operating agreements among the respective IV partners, and completion of related legal/procedural formalities.
The likely acquisition of aforesaid new exploration blocks is in accordance with the company's Exploration Business Plan aiming to expand and grow its exploration acreage to add new resources to the company's hydrocarbon resource balance.
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