KARACHI: Mari Petroleum Company Limited (MPCL) is pleased to announce that it has executed a farm-out agreement with MOL Pakistan Oil and gas co. B.V. over Margala Block with an area of 1,847 sq km to collaborate their resources and efforts to jointly perform exploration activities.

The Block is situated in the Potwar Basin in the vicinity of Islamabad. MPCL is a leading private sector Pakistani E&P company while MOL Pakistan Oil and gas co. B.V. is a fully owned subsidiary of a Hungarian multinational oil and gas company headquartered in Budapest, MOL Group.

MPCL shall become a significant working interest owner in the petroleum concession agreement of the Block along with Pakistan Oilfields Ltd, and MOL Pakistan as the Operator. The assignment of working interest shall be subject to Government approval.

This farm-in is part of MPCL’s aggressive strategy not only to increase its exploration acreage, reserves replacement ratio and maximizing shareholder’s value but to also meet Country’s increasing energy demand from indigenous resources and lowering the burden of imported fuels on national economy. Furthermore, MPCL shall be expanding its footprint in Potwar Basin which also includes Ghauri Block located near Rawalpindi and Jehlum districts.—PR

Copyright Business Recorder, 2021