E&P companies to invest over $70.2mn in 9 blocks

MG News | April 18, 2022 at 08:46 PM GMT+05:00

0:00

April 18, 2022 (MLN): The successful Exploration & Production (E&P) companies of nine onshore blocks, whose bids were opened on Monday, would make a huge investment of over $70.2 million in three years on E&P activities, said a press release issued today.

Bids were opened by the Bid Opening Committee in the presence of companies’ representatives here at the Petroleum House.

As per the press release, apart from E&P activities, successful companies would also spend over $810,000 in social welfare for the areas of their respective blocks.

For the blocks that have discoveries, investments of several hundred million dollars would be made by these companies to develop the production.

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