ISLAMABAD (January 23 2007): The government on Monday granted two petroleum exploration licences to the joint venture of Orient Petroleum International Inc (OPII) and Zaver Petroleum Corporation Limited (ZPCL) over Marwat Block 3170-2 and Maharvi Block 2972-3, covering areas of 1792.87 sq km and 2359.85 sq km, respectively.

The Marwat Block lies in Laki Marwat, Tank, D I Khan and South Waziristan in NWFP (Zone-I), and Maharvi Block lies in Bahawalpur, Bahwalnager and Vehari districts in Punjab (Zone-II).

The joint venture will invest $4.8 million during initial period of three years in both blocks. The companies will carry out geological and geophysical studies, 2D seismic acquisitions and drilling of one exploratory well during the initial term of three years.

OPII is incorporated in the British Virgin Islands (Operator) and Zaver Petroleum Corporation Limited (ZPCL) is registered under the laws of Pakistan. OPII is operator in Mirpur Khas, Khipro and Sakhi Sarwar Exploration Licences and working interest owner in two other exploration licences. OPII is producing crude oil/gas/condensate and LPG from thirteen different fields.

The current daily average production form the fields operated by OPII is 101MMCF of gas, 1732 barrels of oil/cond and 58 MT of LPG, whereas ZPCL is a private sector Pakistani company incorporated in 1991 and has been actively involved in E&P activities in the country.

The execution ceremony was witnessed by Aman Ullah Khan Jadoon, Federal Minster for Petroleum and Natural Resources and Muhammad Naseer Mengal, Minister of State for Petroleum and Natural Resources. The licences and petroleum concession agreements were signed by Ahmed Waqar, Secretary, Petroleum and Natural Resources, on Behalf of the President of Pakistan, Mohammad Naeem Malik, Director General, Petroleum Concessions, and Anwar Moin, Chief Operating Officer of OPII and Usman Khattak Chief Operating Officer of ZPCL.

Copyright Business Recorder, 2007