December 22, 2022 (MLN): The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved transfer of 30% working interest of MOL Pakistan to Mari Petroleum Company Limited (MPCL) in Margalla Block, a press release issued by Finance Division showed.
MOL Pakistan is a fully owned subsidiary of MOL Group and Pakistan is a key contributor of the international portfolio in terms of production and exploration.
MOL Pakistan has working interests in four blocks, of which TAL and Margalla blocks are operated. Furthermore, the company is one of the key condensate, crude oil, LPG and gas producers in the country, contributing to Pakistan’s energy supply.
Earlier, MPCL announced a gas/condensate discovery resulting from its exploratory efforts at Bannu West-1 well, located in North Waziristan district, KP Province.
The discovery is one of the largest gas/condensate discoveries in recent past in the country and first ever in North Waziristan. It is of significant importance for Pakistan which will go a long way in meeting the country’s energy demands from indigenous resources resulting in saving of valuable foreign exchange.
During the ECC meeting, Ministry of Energy (Petroleum Division) submitted an assignment in which it requested for the transfer of 30% working interest in Margalla Block from MOL, to Pakistan Mari Petroleum Company Limbed (MPCL).
MPCL is operating in Pakistan since 1954 and has working interests in 23 exploration licenses and 15 development & production leases, further ECC informed that M/s MOL has cleared all its financial obligations.
The ECC deferred a summary submitted by the Ministry of Energy (Petroleum Division) for foreign exchange coverage to PSO and directed the Ministry of Energy to resubmit the summary after reviewing the numbers.
