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Pakistan has awarded 11 oil and gas blocks, unlocking over $31 million in exploration investment.
The federal government on Thursday awarded 11 onshore oil and gas exploration blocks across Punjab, Sindh and Balochistan, securing over $31 million in minimum investment commitments for the next three years.
The agreements were formalised as the Petroleum Division signed Petroleum Concession Agreements and Exploration Licences at a ceremony presided over by Petroleum Minister Ali Pervaiz Malik. Of the awarded blocks, eight are located in Balochistan, two in Sindh and one in Punjab.
The successful bidders include Oil and Gas Development Company Ltd (OGDCL), Pakistan Petroleum Ltd (PPL), Mari Energies Ltd, Pakistan Oilfields Ltd (POL) and Prime Global Energies. Mari Energies will operate six blocks, holding full working interest in five and leading the Ahmad Wal block with a 60pc stake alongside OGDCL.
OGDCL will operate three blocks independently and lead two joint ventures. PPL will operate Kalat South with a 40pc stake, while POL secured 100pc working interest in the Jherruk block.
In addition to exploration spending, companies have pledged over Rs276 million for social welfare initiatives in their respective areas. Further multi-million-dollar investments are expected if commercial hydrocarbon discoveries are made.
