Aligned with its aggressive exploration programme to optimise production and reserves replenishment of hydrocarbons, the Pakistan Petroleum Limited (PPL) won provisional grant of 11 strategically-fit exploration blocks offered in the latest bidding round held on March 10 at the Directorate General of Petroleum Concessions, Ministry of Petroleum and Natural Resources (MP&NR).
The blocks won by PPL are located in Sindh, Punjab and Balochistan. The company has committed a total of 6,445 work units, which translate into a minimum financial obligation of $64.45 million, though actual investment would be significantly higher on discharging the work commitment.
To engage a multinational Exploration and Production (E&P) company in the bidding round, the PPL submitted two joint bids with OMV (Pakistan) Exploration GmbH.
Notably, the Austrian E&P company will operate one of the two blocks, marking a first in recent years that a multinational E&P has ventured into the country as operator, a move likely to draw more multinationals to the local E&P sector.
PPL was instrumental in bringing OMV to Pakistan during the 1989 bid round and has since partnered with the company in successful ventures, including Sawan, Miano, Latif and Tajjal fields.-PR