ISLAMABAD: Ministry of Petroleum and Natural Resources on Friday signed Exploration Licenses (ELs) and Petroleum Concession Agreements (PCAs) in eight blocks with the Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL) and Mari Petroleum Company Limited (MPCL) for exploring oil and gas resources in the country.
The total area of aforesaid blocks is 16,117.09 sq km and minimum firm work commitment is $49.58. Million.
Apart from minimum work commitment, companies are obligated to spend a minimum of $30,000/year in each block on social welfare schemes.
The Ministry has already signed 12 exploration license (EL)/ Petroleum Concession Agreement (PCA) to explore hydrocarbon resources.
On the occasion, Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi said these license were awarded for four blocks including Block No. 2562-1 (Pasni West), 3070-16 (Pezu) , 2970-6 (Alipur), and 2870-7 (Khanpur) with OGDCL, three for block No. 2566-4 (Hab), 2467-13 (Malir) and 2467-16 (Shah Bandar) with PPL and one for block No. 3371-16 (Peshawar East) with MPCL.
He said government is giving high priority to exploration and production sector to exploit and develop indigenous hydrocarbon resources to abridge the oil and gas demand supply gap.
Due to the untiring efforts of Ministry of Petroleum and Natural Resources and especially by the DGPC and his team and keen interest generated by the investment friendly and attractive policies, since taking over by the current government, he said, 73 numbers of wells have been spuded and 17 discoveries have been made so far.
He said these discoveries will add 130 MMCFD of gas and 3553 bbl oil per day. So far 45 MMCFD of gas and 1924 bbl oil per day has already been added to the network through these discoveries. Moreover, 184 MMCFD and 5,962 bbl per day has also been added to the gas & oil network from existing fields.
During last week, the oil production in the country has achieved 84,374 bbl per day of oil, which is the highest oil production level achieved so far.
The minister also appreciated the hard work of DGPC and his team for preparing and finalising further 8 Exploration Licenses and 08 Petroleum Concessions Agreements within ten days.
He further added that these efforts will bear fruit for the country in the form of additional hydrocarbon reserves during next few years.
The Minister is of the firm opinion that execution of the ELs/PCAs will not only attract new investment in the petroleum sector but also abridge the gap between energy demand and supply. Pasni West block is located in Pasni, Gawadar and Kech districts of Balochistan, Pezu block located in Laki Marwat, Tank, DI.Khan and DG Khan districts of KPK province, Alipur block is located in Multan, Bahawalpur, Rahimyar Khan and Muzaffargarh districts of Punjab.
Khanpur block is located in Rahimyar Khan district of Punjab province, Hab block is located in Jamshoro and Karachi districts of Sindh and Khuzdar and Lasbela districts of Balochistan, Malir block is located in Jamshoro and Karachi districts of Sindh, Shah Bandar block is located in Thatta district of Sindh and Peshawar East block located in Swabi, Mardan, Kohat, and Nowshera districts of KPK and Attock district of Punjab .
OGDCL is a public limited company engaged in Exploration & Production activities in the country for the last four decades. OGDCL holds the largest share of Oil (58%) & Gas (42%) of the total reserves in the country. Its percentage share of total oil and gas production in Pakistan is 52% and 27%, respectively. In addition, OGDCL is the operator in forty one (41) exploration licenses and working interest owner in 6 other exploration blocks operated by various E & P companies. OGDCL is currently producing 43,807 barrels of Oil, 1145 MMCF of gas, 85 M. Tonnes of LPG and 96 M. Tonnes of Sulphur per day.
PPL is Pakistan’s oldest Exploration & Production company, which was incorporated during 1950. Presently, PPL is the operator of 21 different exploration blocks and working interest owner in 16 other exploration blocks operated by various E & P companies.
PPL is operator of six producing fields namely Sui, Kandhkhot, Mazarani, Adam, Adhi and Chachar with the total daily production of 684 MMCF of gas, 7100 barrels oil and 157 metric tons of LPG.
ISLAMABAD – Pakistan’s telecom industry is about to witness a massive consolidation as ...