Secretary Petroleum Mian Asad Hayauddin and Director General (Petroleum Concession) Imran Ahmed inked the agreement on behalf of the government with CEO POL Shuaib Malik and CEO MPCL Lt Gen (R) Ishfaq Nadeem Ahmad, a press release said.
Federal Minister for Energy Omar Ayub Khan and Special Assistant to Prime Minister (SAPM) on Petroleum Nadeem Babar witnessed the agreement signing.
The Taung Block covering an area of 150.67 Sq.Kms is located in Jamshoro, Sindh, for which the minimum firm work commitment, is US $ 6.17 million for a period of three years.
The Joint Venture would spend a minimum of US $30,000 every year on social welfare schemes in surrounding localities of the block.
The POL and MPCL are leading Exploration and Production companies of the country with diversified business activities like oil & gas exploration, drilling, field development, production and distribution of hydrocarbons including natural gas, crude oil, condensate and LPG.
Energy Minister Omar Ayub Khan welcomed the execution of the PCA and Exploration Licence, terming it a ‘positive development, ’which was in line with the ongoing Energy sector reforms agenda of the government.
The SAPM said these would help in setting the stage for further exploration of untapped natural resources and meeting the country’s energy needs indigenously besides creating more job opportunities.