KARACHI: The Petroleum Division of Pakistan announced the opening of bids for oil and gas exploration in the country. The Directorate General of Petroleum Concessions (DGPC) invited bids for 10 exploration blocks, receiving positive responses for 6 onshore blocks.
According to DGPC, the initial investment for these 6 onshore blocks is projected to be $23.2 million over the next three years. This significant investment indicates a promising outlook for oil and gas exploration in Pakistan.
The successful bidders are also committed to social development initiatives within the communities surrounding the exploration areas. They have pledged to spend $540,000 annually on social activities, demonstrating their commitment to responsible and sustainable development.
The details of the successful bids, including the names of the companies and the specific blocks awarded, are expected to be announced soon. This will provide further insights into the future direction of oil and gas exploration in Pakistan.
The opening of these bids has generated significant anticipation and optimism within the energy sector. It is hoped that these exploration ventures will lead to the discovery of new oil and gas reserves, boosting the country’s energy security and economic growth.
The government’s commitment to attracting investments in the oil and gas sector is evident through initiatives like this bidding process. It will be crucial to ensure transparency, environmental sustainability and responsible community engagement as these exploration ventures progress,. This will guarantee long-term benefits for both the energy sector and the people of Pakistan.