Petroleum Division signed Petroleum Concession Agreements (PCAs) and Exploration Licenses (ELs) for two Blocks today at Islamabad. The signing ceremony was witnessed by Federal Minister Energy, Muhammad Hammad Azhar. The ELs and PCAs were be signed by Dr. Arshad Mahmood, Secretary Petroleum Division.
On the Occasion, the Federal Minister reiterated that the present government was committed to expedite the exploration work on oil and gas in the country to meet energy needs of the country by increasing the hydrocarbon reserves during next few years. He also informed that execution of Exploration Licenses and Petroleum Concession Agreements will not only enhance the investment in the petroleum sector but also contribute in the bridging the energy demand and supply gap.
These blocks are located in districts Attock and Loralai. The work on Block No. 3068-9 (Nareli) would be carried out with the Joint Venture of M/s Mari Petroleum Company Limited (MPCL) (Operator) (39%), M/s Pakistan Oilfields Limited (POL) (32%) and M/s Spud Energy Private Limited (SEPL) (29%).While the work on Block No. 3372-25 (North Dhurnal) would be carried out with Joint Venture of M/s POL (Operator) (60%) and MPCL (40%).