Four exploration and production firms (E&Ps) and the federal government have signed Exploration Licenses (ELs) and Petroleum Concession Agreements (PCAs).
The government announced in a press release on Wednesday that the PCA and ELs had been carried out over block numbers Kotra East (2867-8), Murradi (2767-7), Sehwan (2667-19), and Zindan-II (3271-9) with Oil & Gas Development Company Limited (OGDCL); Multanai (3168-3) with Pakistan Oilfields Limited (POL); Sawan South (2668-26) with United Energy Pakistan Limited (UEP) – a Chinese Exploration & Production Company; Gambat-II (2668-25) with Joint Venture of Pakistan Petroleum Limited (Operator) and OGDCL; and Saruna West (2666-1) with Joint Venture of POL (Operator), PPL, and OGDCL.
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Muhammad Ali, the minister of petroleum, said during the signing ceremony that the nation will benefit from these efforts in the coming years by having more hydrocarbon reserves.
According to the minister, carrying out the ELs and PCAs will boost investment in the petroleum industry and help close the gap between supply and demand for energy.
For the purpose of prospecting, the Exploration and Production (E&P) businesses in these Blocks will need to invest a minimum of $33.3 million over a three-year period. These firms will invest several hundred million dollars to develop production for blocks that contain discoveries.
Additionally, businesses are required to invest a minimum of $30,000 annually in each block toward social welfare initiatives specific to their regions.
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