POL secures promising Saruna West Block in govt's latest hydrocarbon exploration auction

January 16, 2024 (MLN): The federal government has provisionally awarded one new block Saruna West (2666-1) to joint ventures of Pakistan Oilfields Limited (POL) an operator with 40% share,  the company's filing on PSX showed today. 

POL has participated in competitive bidding for the award of blocks for hydrocarbon exploration which was held by the federal government in November 2023, the notice added.

It is pertinent to mention that the formal award of petroleum rights in the block is conditional to the signing of petroleum exploration licenses and execution of Petroleum Concession Agreements with the government. 

This is also subject to the execution of joint operating agreements among the respective Joint Venture Partners and the completion of related legal/procedural formalities.

"It is further significant to refer to the publishment of The News ("the newspapers") dated January 12, 2024, which states that POL will be the operator of Khairpur (2872-2) Block with a 70% working interest," the notification reads. 

The management also informed that this block is not relevant to POL and said publishment is incorrect.

POL is principally engaged in exploration, drilling and production of crude oil and gas in Pakistan. Its activities also include the marketing of liquefied petroleum gas under the brand name POLGAS and the transmission of petroleum.

The  company is a subsidiary of The Attack Oil Company Limited, UK and its ultimate parent is Coral Holding Limited.

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