PPL secures two new exploration blocks in award
MG News | January 11, 2024 at 03:21 PM GMT+05:00
January 11, 2024 (MLN): Pakistan Petroleum Limited (PSX: PPL) along with its Joint Venture (JV) partners has been provisionally awarded two new exploration blocks by the government, the company’s filing on the local bourse revealed today.
The first block, named Gambat-II (2668-25), is located in Sindh, and PPL holds a 70% working interest in the block.
In the second block, Saruna West (2666-1), the entity holds a 30% working interest.
| S. No | Block | JV Partners | Working |
|---|---|---|---|
| 1 | Gambat-I I (2668-25) | (i) Pakistan Petroleum Limited, (Operator) | 70% |
| (ii) Oil and Gas Development Company Limited | 30% | ||
| 2 | Saruna West (2666-1) | (i) Pakistan Petroleum Limited | 30% |
| (ii) Pakistan Oilfields Limited, (Operator) | 40% | ||
| (iii) Oil and Gas Development Company Limited | 30% |
To recall, PPL participated in the competitive bidding round for exploration blocks held by the government in November 2023.
The above arrangements are subject to the execution of respective Petroleum Concession Agreements and grant of Exploration Licenses, execution of Joint Operating Agreements among the respective JV Partners, and completion of related legal/procedural formalities
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