Petroleum Division signs PCAs, ELs for four exploration blocks

News Image

MG News | November 18, 2019 at 06:00 PM GMT+05:00

0:00

November 18, 2019: The government on Monday signed Petroleum Concession Agreements (PCAs) and Exploration Licenses (ELs) for four blocks as part of its strategy to step up oil and gas exploration activities in potential areas aimed at meeting the country’s energy needs indigenously.

The PCAs and ELs were signed by Secretary Petroleum Mian Asad Hayauddin and Director General (Petroleum Concession) Imran Ahmed, on behalf of the government, and Managing Director Oil and Gas Development Company Limited Dr. Naseem Ahmed, MD Pakistan Petroleum Limited Moin Raza and MD Mari Petroleum Company Limited Lt.Gen (Retired) Ishfaq Nadeem Ahmed, being the executing Exploration and Production (E&P) companies.

According to a Petroleum Division press release, the PCAs and ELs are located at Block No. 3269-1 (Wali West) - MPCL; Block No 3072-8 and Block No 2972-6 (Shakar Ganj West-Cholistan) OGDCL and Block No. 3072-5 (Punjab) PPL.

Wali West block, which covers an area of 1609.63 Sq Kms, spreads over North Waziristan (64.71%) and South Waziristan (27.73%) areas, part of Tank district (1.23%), parts of Lakki Marwat (6.18%) and Bannu (0.16%).

The Cholistan Block, covering an area of 2478.26 Sq.Kms, is located between the districts of Bahawalpur (19.22%), and Bahawalnagar (80.78%).

The Shakarganj West Block, covering an area of 2479.37 Sq. Kms spreads over the districts of Pakpattan (27.46%), Bahawalnagar (0.25%), Vehari (51.66%) and Sahiwal (20.63%).

The Punjab Block, 2410.81 in Sq.Kms, is primarily located in Pakpattan (42.78%), Sahiwal (41.58%), Okara (15.07%) and Bahawalnagar (0.57%) districts.

The minimum firm work commitment for these blocks had been worked out at $ 44.1 million for a three year period. Under the agreements, the companies are bound to spend a minimum of $ 30,000/- annually in each block on socio-economic welfare activities. The annual contribution towards such schemes for these four blocks would, thus, stand at $ 120,000.

Speaking on the occasion, Minister of Energy (Petroleum Division) Omar Ayub Khan welcomed the execution of the PCAs and ELs, terming them an important step towards incremental investments in Pakistan's energy sector. "It will help in expanding the area of operations in far-flung areas of the country; contribute to the socio-economic uplift of these areas and hopefully increase sources of indigenous energy production."

APP

Related News

Name Price/Vol %Chg/NChg
KSE100 134,299.77
290.06M
0.39%
517.42
ALLSHR 84,018.16
764.12M
0.48%
402.35
KSE30 40,814.29
132.59M
0.33%
132.52
KMI30 192,589.16
116.24M
0.49%
948.28
KMIALLSHR 56,072.25
387.69M
0.32%
180.74
BKTi 36,971.75
19.46M
-0.05%
-16.94
OGTi 28,240.28
6.19M
0.21%
58.78
Symbol Bid/Ask High/Low
Name Last High/Low Chg/%Chg
BITCOIN FUTURES 118,140.00 119,450.00
115,635.00
4270.00
3.75%
BRENT CRUDE 70.63 70.71
68.55
1.99
2.90%
RICHARDS BAY COAL MONTHLY 97.50 0.00
0.00
1.10
1.14%
ROTTERDAM COAL MONTHLY 108.75 108.75
108.75
0.40
0.37%
USD RBD PALM OLEIN 998.50 998.50
998.50
0.00
0.00%
CRUDE OIL - WTI 68.75 68.77
66.50
2.18
3.27%
SUGAR #11 WORLD 16.56 16.60
16.20
0.30
1.85%

Chart of the Day


Latest News
July 11, 2025 at 10:56 PM GMT+05:00

Gold price in Pakistan rises Rs2,300 per tola


July 11, 2025 at 05:49 PM GMT+05:00

PKR gains 10 paisa per USD


July 11, 2025 at 05:41 PM GMT+05:00

PSX Closing Bell: Bulls Serenade The Bourse


July 11, 2025 at 05:06 PM GMT+05:00

UBL doubles profit to Rs65bn in 1HCY25


July 11, 2025 at 04:19 PM GMT+05:00

Ideal Spinning Mills to exit spinning business



Top 5 things to watch in this week

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