The Ministry of Energy has awarded four new blocks to exploration and production (E&P) companies in different areas of Balochistan to discover oil and gas reserves in the designated areas.
According to a stock filing, these companies include Mari Petroleum Company Limited (MARI), Pakistan Petroleum Limited (PPL), and Oil and Gas Development Company Limited (OGDCL).
The Ministry of Energy’s Directorate General of Petroleum Concessions (DGPC) notified these blocks to exploration and production companies along with the scope of work on the upcoming joint-venture projects to be carried out in the future related to the exploration and production of oil and gas fields.
Operators with high stakes in a block will act as operators in the designated block, whereas the rest of the two companies among these will work as joint-venture partners.
Details of the blocks provisionally awarded to oil exploration companies are:
According to the stock filing, the formal award of petroleum rights in the aforementioned blocks is conditional on the following, for each of the blocks: signing of petroleum exploration licenses and execution of petroleum concession agreements with the government; execution of joint operating agreements among the respective JV Partners; and completion of related legal and procedural formalities.
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