ECC approves assignment of 34% working interest of POL

January 18, 2023 (MLN): The Economic Coordination Committee (ECC) of the Cabinet Tuesday approved the assignment of 34% working interest of M/s Pakistan Oilfields Limited (POL) and 6% of M/s Attock Oil Company Limited (AOC) to M/s Polskie Gornictwo Naftowe I Gazowinictwo S.A (Polish Oil and Gas Company) (POGC) in Kirthar South Block (Sindh).

The summary was presented by the Ministry of Energy (Petroleum Division) pertaining to amendments in the Standardized Security Package Documents (SPDs) for the large solar PV projects, based on the market response to the earlier modifications by the competent forum and in order to ensure the viability of the project.

The ECC after discussion approved the proposals that indexation of tariff in the SPDs be on an annual basis and payment mechanism for settlement of invoices as per framework guidelines.

The committee also approved the sale of gas from Mamikhel South discovery to a third party in accordance with Petroleum Concessions Agreement (PCA).

This proposal was also submitted by the same ministry. In addition, the summary highlighted that the State-Owned Entities (SOEs) have around 70% working interest in the TAL exploration License and this arrangement will help the government to increase tax revenues and boost private sector participation.

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