ISLAMABAD (February 28 2007): The Oil & Gas Development Company Limited (OGDC) has announced acquisition of 70 percent working interest, along with operatorship, in Guddu Block, for IPR Transoil Corporation (IPRTOC). Guddu block covers an area of 2093.4 sq km over Sindh and Punjab provinces.

The Block lies in the Middle Indus Basin within the largest gas producing fields of Pakistan ie, Sui, Qadirpur, and Man. The joint venture of OGDC, IPRTOC and Government Holdings Private Limited (5 percent carried) is committed to drill and open exploratory well in the said block during the current calendar year.

IPRTOC is a multinational US-based company in Dallas, USA. It is currently operating in Egypt. USA, Mexico and Pakistan. The company has built-in significant acquisitions, including the Alamein Concession in Egypt's Western Desert, which consists of a major shipping terminal and pipeline infrastructure.

Copyright Business Recorder, 2007