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

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)

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.

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