ISLAMABAD: Director General (P) Petroleum Division on Monday opened bids for 14 Onshore Blocks for grant of petroleum exploration rights through open bidding at the Petroleum House.

Bids were received for nine Blocks and opened by the Bid Opening Committee in the presence of companies’ representatives.

The minimum investment to be carried out by the Exploration and Production (E&P) companies in these Blocks will be over $70.2 million in three years.

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Apart from E&P activities, the successful companies will also spend over $810,000 in social welfare for the areas of their respective Blocks.

For blocks that have discoveries, investments of several hundred million dollars will be made by these companies to develop the production.

Copyright Business Recorder, 2022