The government awarded two exploration blocks in Punjab and Balochistan to two local oil and gas exploration and production companies.
According to Dawn, representatives of the participating companies, the Director-General of Petroleum Concessions, and the Secretary Petroleum signed Petroleum Concessions Agreements (PCAs) and Exploration Licenses (ELs) for the two blocks. Minister for Energy Muhammad Hamad Azhar attended.
These two blocks are located in Attock and Lori. The joint venture led by Murree Petroleum Company Limited (MPCL), Block No. 9-3068, located in Nareli, Loralai District, Balochistan, was awarded as an Operator with its partners Pakistan Oil Fields Limited (POL) and Speed Energy. Pvt. Ltd. (SEPL).
The majority of MPCL is owned by the Fuji Foundation while 39% of the shares will be held by the Government of Pakistan and it will also operate in the block.
POL and SEPL have 32% and 29% shares, respectively.
Block No. 25-3372 of the North Dharnal area of Chakwal district of Punjab has also been awarded as a joint anchor of POL and MPCL. In this block 60% of shares are owned by POL which is also the operator PCL will own 40% of the shares.
An official said that international companies are reacting enthusiastically to Pakistan’s exploration activities and all the recent blocks have been acquired by local companies.
The Ministry of Petroleum said that both the blocks have been awarded for a period of three years at a cost of $ 24.32 million.
He said companies would be committed to spending at least $30,000 a year in each block on social welfare schemes that would boost economic activity in the area and raise the living standards of residents.