Four companies to invest $33.3m in oil and gas exploration

By MG News | January 24, 2024 at 03:34 PM GMT+05:00

0:00

January 24, 2024 (MLN): The government has executed Petroleum Concession Agreements and Exploration Licences for 8 blocks with 4 companies, stipulating a minimum investment of over $33.3 million to be carried out by the Exploration and Production (E&P) companies in these blocks for prospecting within three years.

According to a press release issued today, for blocks that have discoveries, investments of several hundred million dollars will be made by these companies to develop the production.

Moreover, companies are obligated to spend a minimum of $30,000 per year in each block on social welfare schemes in their respective areas.

Executed Petroleum Concession Agreements (PCAs) and Exploration Licences (ELs)

Block No.	Area	Company
2867-8	Kotra East	Oil & Gas Development Company Limited (OGDCL)
2767-7	Murradi	Oil & Gas Development Company Limited (OGDCL)
2667-19	Sehwan	Oil & Gas Development Company Limited (OGDCL)
3271-9	Zindan-II	Oil & Gas Development Company Limited (OGDCL)
3168-3	Multanai	Pakistan Oilfields Limited (POL)
2668-26	Sawan South	United Energy Pakistan Limited (UEP) – a Chinese Exploration & Production Company
2668-25	Gambat-II	Joint Venture of Pakistan Petroleum Limited (Operator) and OGDCL
2666-1	Saruna West	Joint Venture of POL (Operator), PPL, and OGDCL

Minister for Petroleum Muhammad Ali during the signing ceremony stated that these efforts will bear fruit for the country in the form of additional hydrocarbon reserves during next few years.

The minister expressed that execution of the Exploration Licences and PCAs will not only enhance investment in the petroleum sector but will also contribute in bridging the energy demand and supply gap.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	132,576.99 161.03M	-0.62% -826.20
ALLSHR	82,983.68 903.36M	-0.25% -204.38
KSE30	40,358.80 56.86M	-0.72% -292.66
KMI30	190,727.32 67.92M	-0.71% -1356.60
KMIALLSHR	55,698.48 457.08M	-0.27% -149.22
BKTi	36,242.06 11.15M	-0.50% -180.82
OGTi	28,323.42 10.71M	-0.40% -114.19

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	109,680.00	110,265.00 108,625.00	465.00 0.43%
BRENT CRUDE	70.53	70.71 69.61	0.38 0.54%
RICHARDS BAY COAL MONTHLY	97.50	0.00 0.00	1.45 1.51%
ROTTERDAM COAL MONTHLY	108.00	109.00 107.95	0.90 0.84%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	68.77	68.94 67.70	0.44 0.64%
SUGAR #11 WORLD	16.54	16.61 16.08	0.41 2.54%