PPL clinches 11 exploration blocks, committing over $64m | Pakistan Today

PPL clinches 11 exploration blocks, committing over $64m

Alligned with its aggressive exploration programme to optimise production and reserves replenishment of hydrocarbons, the Pakistan Petroleum Limited (PPL) won provisional grant of 11 strategically-fit exploration blocks offered in the latest bidding round held on March 10 at the Directorate General of Petroleum Concessions, Ministry of Petroleum and Natural Resources (MP&NR). The blocks won by PPL are located in Sindh, Punjab and Balochistan. The company has committed a total of 6,445 work units, which translate into a minimum financial obligation of $64.45 million, though actual investment would be significantly higher on discharging the work commitment. To engage a multinational E&P company in the bidding round, the PPL submitted two joint bids with OMV (Pakistan) Exploration GmbH. The Austrian E&P company will operate one of the two blocks, becoming the first multinational E&P in recent years to venture into the country as operator- a move likely to draw more multinationals to the local E&P sector. PPL was instrumental in bringing OMV to Pakistan during the 1989 bid round and has since partnered with the company in successful ventures, including Sawan, Miano, Latif and Tajjal fields.

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