Govt Receives Bids For 6 Oil and Gas Exploration Blocks

The Bid Opening Committee under the chairmanship of Directorate General Petroleum Concessions (DGPC) publicly opened bids for 10 Onshore Blocks for the grant of Petroleum Exploration Rights on November 30, 2023, at Petroleum House, Islamabad. However, bids were received for only 6 out of the 10 Blocks. The highest bidder for 2 Blocks is UEP (100 percent). POL (40 percent – operator) with JV partners PPL (30 percent) and OGDCL (30 percent) in 01 Block, OGDCL (100 percent) in 02 Blocks, and PPL (70 percent – operator) with JV partner OGDCL (30 percent) in 01 Block. The minimum investment to be carried out by the Exploration and Production (E&P) companies in these Blocks for prospecting will be over US$ 23.25 million in three years. Apart from E&P activities, the successful companies will also spend over US$ 540,000 in social welfare for the areas of their respective Blocks. For blocks that have discoveries, investments of several hundred million dollars will be made by these companies to develop the production.