Mari Petroleum to acquire two new exploration blocks

News Image

MG News | February 20, 2019 at 01:42 PM GMT+05:00

0:00

February 20, 2019 (MLN): Mari Petroleum Company Limited (MARI) has decided to acquire two new exploration blocks which have been provisionally awarded to the company for being the highest bidder in the latest bidding round arranged by the government,

The government of Pakistan had invited bids for 10 exploration blocks for grant of exploration rights. The company submitted bids for two blocks i.e. Wali West Block located mainly in tribal areas and Taung Block located in Sindh.

The bids were submitted based on their potential with a combined minimum financial commitment of $45.17 million and working interests as follows:

  • Wali West Block: MPCL as operator with 100% interest share
  • Taung Block: MPCL as operator with 60% interest share and Pakistan Oilfield with 40% interest share.

The acquisition is subject to execution of Petroleum Exploration Licenses/Petroleum Concession & Joint Operating Agreements in respect of both the blocks and completion of related legal formalities.

The aforesaid acquisition of blocks was in accordance with the company’s Exploration Business Plan aiming to add new reserves to the company’s hydrocarbon reserve balance.

Copyright Mettis Link News

Related News

Name Price/Vol %Chg/NChg
KSE100 137,188.96
33.11M
0.59%
808.99
ALLSHR 85,011.19
52.42M
0.43%
362.84
KSE30 41,811.05
5.94M
0.64%
264.82
KMI30 192,929.42
5.82M
0.63%
1209.66
KMIALLSHR 56,033.54
37.71M
0.37%
205.80
BKTi 37,898.24
0.31M
0.19%
70.63
OGTi 27,637.75
0.14M
-0.12%
-32.92
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,650.00 119,915.00
118,035.00
-980.00
-0.82%
BRENT CRUDE 68.80 69.01
68.74
0.28
0.41%
RICHARDS BAY COAL MONTHLY 96.50 0.00
0.00
1.80
1.90%
ROTTERDAM COAL MONTHLY 104.50 0.00
0.00
-1.05
-0.99%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 66.75 66.99
66.58
0.37
0.56%
SUGAR #11 WORLD 16.55 16.67
16.40
-0.01
-0.06%

Chart of the Day


Latest News
July 17, 2025 at 09:27 AM GMT+05:00

NBP issues foreign exchange rates


July 17, 2025 at 09:25 AM GMT+05:00

Asia markets subdued amid global uncertainty


July 17, 2025 at 09:10 AM GMT+05:00

Pakistan, El Salvador partner on bitcoin, digital asset


July 17, 2025 at 06:31 AM GMT+05:00

MG Morning Breeze: Updates to Skim before Market


July 16, 2025 at 11:00 PM GMT+05:00

SBP raises Rs342bn in PIB Auction



Top 5 things to watch in this week

Pakistan Stock Movers
Name Last Chg/%Chg
Name Last Chg/%Chg