The ministry of petroleum and natural resources Friday signed the 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 US $ 49.58 million. Apart from minimum work commitment, companies are obligated to spend a minimum of US $ 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 the government was giving high priority to exploration and production sector to exploit and develop indigenous hydrocarbon resources to abridge the oil and gas demand supply gap.