Apart from E&P activities, the successful companies will also spend over USD 1.3 million in social welfare for the areas of their respective Blocks.
Meanwhile, for blocks that have made discoveries, investments of several hundred million dollars will be made by these companies to develop the production.
Senior official privy to the petroleum sector developments said PD started importing Euro-5 standard petrol and diesel for the first time in the country’s history.
The PD in a statement said, "Ignoring the fact that spot LNG prices are always higher in winter given global demand and supply dynamics. Comparing a spot price in a high winter month with term price is totally irrational.”
Moreover, the city gate loads in SNGPL system have increased 9 percent in one week as severe winter sets in; SSGC is facing similar increase in pressure drops in parts of Karachi and Quetta.
The Petroleum Division said that one cargo that was scheduled for 30th December and was intended to supply for January, 2021, has been moved a few days ago into January.
The Petroleum Division said that the total of all cargos bought in 2020 on spot was USD 353 million, or Rs 57 billion, with an average just below 12 percent.