DGPC conducts bidding round for 8 blocks of Balochistan

ISLAMABAD: Petroleum Division’s Directorate General Petroleum Concessions (DGPC) on Friday publicly opened bids for eight (8) onshore Blocks located in Balochistan province for grant of Petroleum Exploration Rights through open bidding.
As per details, this positive DGPC has publicly opened bids for eight Blocks of Balochistan province for grant of Petroleum Exploration Rights through open bidding which in result will possibly create job opportunities for thousands of countrymen besides decreasing country’s fuel import bill.
Sources in the petroleum division informed that these Blocks are situated in district Pishin, Killa Abdullah, and Killa Saifullah of the Balochistan province. And five E&p Companies have participated in the bidding round including Oil and Gas Company Limited (OGDCL), Mari Petroleum Company Limited (MPCL, Pakistan Petroleum Limited (PPL) and Pakistan Oilfields Limited (POL).
According to the petroleum division, this was the second bidding round conducted during this year. Bids were received for five Blocks. The minimum investment to be carried out by the Exploration and Production (E&P) companies in these Blocks will be over USD 22.6 million in three years. Apart from E&P activities, the successful companies will also spend over USD 450,000 in social welfare for the areas of their respective Blocks, said the petroleum division.
For blocks that have discoveries, investments of several hundred million dollars will be made by these companies to develop the production, the petroleum division added.
Petroleum division also said that the auction of new oil & gas blocks is aimed at less reliance on imports in the oil and gas by promoting and facilitating exploration in the petroleum sector and transparency to ensure a level-playing field for all competitors in the E & P sector. The onset of E&P activities will help to create job opportunities and possible decrease in import bill, said the petroleum division.