The government has received 66 applications for 50 blocks out of 58 offered for open and transparent competitive bidding in response to 'Invitation to Bid' published in the leading newspapers.
As a result of this bidding, the E&P Companies have committed to invest a minimum financial expenditure of above $372 million (equivalent to around Pak Rupees 37 billion.), said official sources here on Sunday. The bids for the blocks were opened on Sunday in the presence of representatives of provinces, E&P companies and officials of DGPC/Ministry of Petroleum and Natural Resources. In order to alleviate the shortage of hydrocarbons and to meet the future requirements of the country, Dr Asim Hussain, Advisor to the Prime Minister on Petroleum and Natural Resources has directed that the Ministry of Petroleum and Natural Resources should play a dynamic and pro-active role to meet new challenges.