Islamabad May 6 2022: Directorate General of Petroleum Concessions (DGPC) has communicated the provisional award of four (4) new exploration blocks to Pakistan Petroleum Limited (PPL) of which, two blocks are awarded as an Operator and remaining blocks as a JV Partner with other E&P Companies namely, Mari Petroleum Company Limited (MARI) and United Energy Pakistan Limited (UEPL).
The blocks have been awarded after competitive bidding on the basis of work units committed by various E&P Companies in the Block Bidding Round 2022 conducted by Directorate General of Petroleum Concession, Ministry of Energy (Petroleum Division), Government of Pakistan. PPL received 50% stake in each Kalat West and Sui North as a operator while received 30% stake in Mach and Dadhar as JV partner.
The formal award of petroleum rights (exploration license) in the aforementioned blocks is conditional to the following for each of the blocks:
1) Execution of Petroleum Exploration Licenses/Petroleum Concession Agreements with the Government
2) Execution of Joint Operating Agreements among the respective IV Partners
3) Completion of related legal/procedural formalities.
The likely acquisition of new exploration blocks is in accordance with the Company’s Exploration Business Plan aiming to expand and grow its exploration acreage to add new resources to the Company’s hydrocarbon resource balance.
