Tuesday, November 29, 2022

MPCL awarded 4 new exploration blocks

KARACHI: The Directorate General of Petroleum Concessions (DGPC) has provisionally awarded four new exploration blocks to Mari Petroleum Company Limited (MPCL) in the latest block bidding round, the company announced on Wednesday.

MPCL has been awarded two blocks as the operator and two as the joint venture partner with other local companies.

The blocks have been awarded after competitive bidding based on work units committed by different E&P companies, in the Block Bidding Round 2020 arranged by the government.

MPCL will hold 39 percent working interest as the operator with partners Pakistan Oilfields Limited (POL) having 32 percent and Spud Energy having a 29 percent stake in Nareli Block in Balochistan.

Similarly, MPCL will hold 60 percent working interest as the operator with the Oil and Gas Development Company (OGDC) having a 40 percent stake in Sharan Block in Balochistan.

OGDCL will be the operator of Killa Saifullah Block in Balochistan having a 60 percent stake with MPCL as the partner having a 40 percent stake.

POL will be the operator of the North Dhurnal Block in Punjab with a 60 percent stake and MPCL as the partner having a 40 percent stake.

Formal award of the blocks is subject to the approval of the acquisition by MPCL board of directors; execution of petroleum exploration licences and petroleum concession agreements with the government; execution of joint operating agreements among the respective partners and completion of formalities.

“The likely acquisition of the aforesaid blocks is in accordance with the company’s exploration business plan, aiming at expanding exploration acreage to add new reserves to the company’s hydrocarbon reserve balance,” MPCL said.

Source: The News

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