The Ministry of Energy’s Directorate General of Petroleum Concessions (DGPC) provisionally awarded four new exploration blocks in Balochistan and Sindh to Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), and Pakistan Oilfields Limited (POL).
The development was shared by OGDCL, one of the country’s largest E&P companies, in its notice to the Pakistan Stock Exchange (PSX) on Thursday.
“OGDCL participated in the competitive bidding round for exploration blocks held by the Government in November 2023,” read the notice
“The DGPC has communicated the provisional award of new exploration blocks to OGDCL, PPL, and POL. These blocks have been awarded based on the work units committed by OGDCL and its JV partners,” it added.
As per the statement, the company has been awarded Sehwan (2667-19) in Sindh and Zindan-II (3271-9) in Punjab. “OGDCL will be the operator in both blocks with 100% working interest,” it said.
Details of the blocks provisionally awarded to oil exploration companies are:
Kotra East (2867-8) Balochistan
OGDCL (100%)
Murradi (2767-7) Sindh
OGDCL (100%)
Gambat-II (2668-25) Sindh
OGDCL (30%) PPL (70%)
Saruna West (2666-1) Balochistan
OGDCL (30%) PPL (30%) POL (40%)
The formal award of petroleum rights in the blocks is conditional to the signing of petroleum exploration licenses and execution of petroleum concession agreements with the government, execution of joint operating agreements among the respective JV, and completion of related legal/procedural formalities.
OGDCL said the participation in the bidding round is in furtherance of its strategy and business plan to invest in its core business, accelerate exploratory activities and augment hydrocarbon reserves balance.
Facing growing energy demand, Pakistan heavily relies on fossil fuels to power its economy and a major chunk of its import bill comes from the purchase of petroleum products and other fuels.
Last year in July, the OGDCL was provisionally awarded two new exploration blocks in Sindh and Punjab.