ISLAMABAD: Bid Opening Committee under the chairmanship of DGPC publicly opened bids for 10 onshore blocks for grant of petroleum exploration rights on November 30, 2023 at Petroleum House, HERE.

Bids were received for 6 blocks. Highest bidder for 2 blocks is UEP (100%). POL (40% -operator) with JV partners PPL (30%) & OGDCL (30%) in 01 Block, OGDCL (100%) in 02 Blocks and PPL (70% operator) with JV partner OGDCL (30%) in 01 Block.

The minimum investment to be carried out by the Exploration and Production (E&P) companies in these blocks for prospecting will be over USD 23.25 million in three years.

Apart from E&P activities, the successful companies will also spend over USD 540,000 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, 2023