DGPC provisionally awards new exploration block to OGDCL, JV partner

MG News | May 09, 2022 at 12:34 PM GMT+05:00

Add Mettisglobal as a Trusted Source on Google

0:00

May 09, 2022 (MLN): Oil & Gas Development Company Limited (OGDCL) has announced that the Directorate General of Petroleum Concessions (DGPC) has provisionally awarded a new exploration block, Chah Bali, located in Balochistan to OGDCL and Pakistan Oilfields Limited (POL).

As per the notice issued to PSX, the block has been awarded on the basis of work units committed by OGDCL, being the operator with 70% working interest and JV partner i.e., POL with 30% working interest.

To note, OGDCL had participated in the competitive bidding round for exploration blocks held by the Government in April 2022.

The aforesaid provisional award will be formalized upon execution of Petroleum Concession Agreements with DGPC, necessary agreements with joint venture partners and completion of regulatory and procedural formalities, it added.

The participation in the bidding round is in furtherance of the company's strategy and business plan to invest in its core business, accelerate exploratory activities and augment hydrocarbon reserves balance.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	169,043.20 125.46M	0.61% 1021.40
ALLSHR	102,244.62 384.35M	0.68% 687.69
KSE30	50,297.78 69.63M	0.61% 306.30
KMI30	240,616.56 58.52M	0.70% 1662.76
KMIALLSHR	66,324.04 212.30M	0.75% 491.93
BKTi	46,865.56 26.40M	0.56% 262.97
OGTi	34,899.40 10.33M	1.73% 593.21

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	76,645.00	76,720.00 76,250.00	40.00 0.05%
BRENT CRUDE	103.85	104.27 103.29	-0.97 -0.93%
RICHARDS BAY COAL MONTHLY	130.00	0.00 0.00	4.75 3.79%
ROTTERDAM COAL MONTHLY	138.50	0.00 0.00	-0.55 -0.40%
USD RBD PALM OLEIN	1,228.00	1,228.00 1,228.00	0.00 0.00%
CRUDE OIL - WTI	96.39	96.78 96.21	-5.52 -5.42%
SUGAR #11 WORLD	18.32	18.96 18.27	-0.57 -3.02%