PCAs and ELs inked: Govt awards 11 onshore exploration blocks

ISLAMABAD: The Petroleum Division Thursday signed Petroleum Concession Agreements (PCAs) and Exploration Licences (ELs) awarding 11 onshore blocks marking a significant step forward in advancing oil and gas exploration activities across the country. The signing ceremony was held in Islamabad, and was graced by the Federal Minister for Petroleum Ali Pervaiz Malik. The awarded blocks include eight in Balochistan, two in Sindh and one in Punjab. The successful joint venture partners include Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), Mari Energies Limited (Mari Energies), Pakistan Oilfields Limited (POL) and Prime Global Energies (Prime). READ MORE: Exploration licences: PD receives bids for 23 of 40 offshore blocks Speaking at the ceremony, the Federal Minister for Petroleum termed the signing a significant milestone in the Government’s efforts to boost domestic exploration, attract investment, and reduce reliance on imported energy. Signing of agreements demonstrate strong investor confidence in Pakistan’s upstream potential. The Minister expressed confidence that recent discoveries would lead to further investments in development and production, create employment opportunities, stimulate economic activity in the regions and will contribute meaningfully to reducing reliance on imported energy. He reaffirmed the Government’s commitment to facilitate exploration activities ensuring a stable investor-friendly environment for promoting the sustainable development of Pakistan’s indigenous energy resources. Mari Energies will serve as operator for six blocks. The company has secured 100 percent working interest in five blocks: Padag, Chagai, Dalbandin, Merui, and Merui West and will lead the Ahmad Wal block as operator with a 60% working interest, alongside OGDCL holding 40 percent. The OGDCL will operate three blocks, including Kalat North with 100 percent working interest. It will also lead two joint venture blocks: Naing Sharif (OGDCL 70 percent as operator, Prime 30 percent) and Khiu-II (OGDCL 60 percent as operator, Mari Energies 40 percent). The PPL emerged as the highest bidder for the Kalat South block and will operate it with a 40 percent working interest, in partnership with OGDCL (30) and Mari Energies (30 percent).