Islamabad January 16 2024: The Pakistani Government has conditionally assigned the Saruna West block to joint ventures led by Pakistan Oilfields Limited (POL), with POL serving as the operator and holding a 40% ownership share, according to company filing to the exchange.
Pakistan Oilfields participated in competitive bidding for the award of blocks for hydrocarbon exploration which was held by the Governrnent of Pakistan in November 2023.
The Governrnent of Pakistan has provisionally awarded One (1) new block Saruna West (2666-1) to joint ventures of Pakistan Oilfields Limited (POL) being an operator with 40% share.
It is pertinent to mention that the formal award of petroleum rights in the block is conditional to the signing of petroleum exploration licenses and execution of Petroleum Concession Agreements with the Governrnent, execution of joint operating agreements among the respective Joint Venture Partners, and completion of related legal/procedural formalities.
