OGDC-Led JV Wins Bid for 49% Stake in Exploratory Block Located in KP

A Joint Venture (JV) led by Oil and Gas Development Company Limited (PSX: OGDC) has won the bid for a 49 percent stake in Miran Block located in North Waziristan and Kurram Districts of Khyber Pakhtunkhwa, the company informed the main bourse on Wednesday. “We are pleased to inform you that the OGDCL-led consortium, emerged successful in the second bidding round,” the company stated. This was first announced by M/s Khyber Pakhtunkhwa Oil and Gas Company Limited (KPOGCL) to acquire 29 percent working interest with operatorship of Miran Block, in consortium with M/s Pakistan Petroleum Limited (PPL) and Government Holdings (Private) Limited (GHPL), which hold 10 percent working interest each as JV partners. “Participation in the bidding round aligns with the Company’s strategy to invest in its core business, accelerate exploratory activities, and augment hydrocarbon reserves,” OGDC added.