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.
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