Referring to a report titled "MoF rejects Petroleum Ministry''s request", published in Business Recorder on March 28, 2012, sources at the Ministry of Petroleum and Natural Resources (MP&NR) stated that the proposal on Pakistan Petroleum Limited''s (PPL''s) participation in the fourth licensing round for 12 oil and gas exploration blocks in Iraq remains under active consideration by the Government of Pakistan.
In fact, PPL is the only Pakistani company to feature among the 46 oil and gas companies world-wide prequalified by the Government of Iraq for participation in the bid round, besides being one of still fewer qualified to work as operator. As such, oil and gas exploration and production investment proposals are processed through the Directorate General of Petroleum Concessions (DGPC) as was the proposal in question, before being forwarded for approval to the relevant authority.
Further, the proposal was sent to the ministry after approval by PPL''s Board of Directors, which includes DGPC. It may also be noted that Afzal Chaudhry was Deputy Secretary (Development) three months before the proposal was sent to the Ministry of Finance. Petroleum Ministry added that success ratio of wells in Pakistan has been generally 1:3, which is worsening over time as discoveries become increasingly challenging.-PR
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