OGDCL awarded provisional exploration blocks after competitive bidding

MG News | January 28, 2021 at 10:08 AM GMT+05:00

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January 28, 2021 (MLN): Oil & Gas Development Company Limited (OGDCL) has been awarded provisional new exploration blocks by the Directorate General of Petroleum Concessions (DGPC) after competitive bidding round for exploration blocks held by the Government in January 2021.

Details of the blocks provisionally awarded to OGDCL are as under:

S.no	Block Name	Province	Operator (working Interest)	JV Partner (s) (Working Interest)
1	Killa Saifullah	Balochistan	OGDCL (60%)	MPCL (40%)
2	Sharan	Balochistan	MPCL (60%)	OGDCL (40%)
3	Suleiman	Balochistan	OGDCL (50%)	PPL (50%)
4	Sutlej	Punjab	OGDCL (100%)	-
5	Lilla	Punjab	OGDCL (100%)	-
6	Hazro	Punjab	OGDCL (100%)	-
7	Jhelum	Punjab	OGDCL (100%)	-
8	Vehari	Punjab	OGDCL (100%)	-
9	Khewari East	Sindh	OGDCL (100%)	-
10	Sujawal South	Sindh	OGDCL (100%)	-
11	Noweshara	Khyber Pakhtunkhwa	OGDCL (100%)	-

The aforesaid provisional award will be formalized upon:

Approval of the acquisition by OGDCL Board of Directors
Execution of Petroleum Concession Agreements with DGPC and necessary agreements with joint venture partners
Completion of regulatory and procedural formalities

As per notice sent to PSX, participation in the bidding round is in furtherance of the Company's strategy and business plan to invest in its core business, accelerate exploratory activities and augment hydrocarbon reserves balance.

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