Govt invites bids for oil exploration

ISLAMABAD: The Ministry of Petroleum and Natural Resources had invited applications to award petroleum exploration licences over two blocks in Punjab, an official government spokesman said on Sunday.

Talking to reporters, he said that the interested exploration and production companies had to submit sealed applications to the Director General of Petroleum Concession (DGPC) on August 8 by 10:00am. The Bid Opening Committee would open applications publicly in the DGPC office in the presence of the applicants or their representatives on the same day, he said. He said that the successful applicant would be selected in accordance with the provisions of the Pakistan Petroleum (Exploration and Production) Rules 2001, Petroleum Exploration and Production Policy 2001 and the bid documents. The company selected would carry out surveys to assess the presence of hydrocarbon contents in the block. It would also drill an exploratory well during the initial three-year contract, he added. online

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