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The Government Awarded Oil and Gas Exploration Blocks to Punjab and Balochistan

The Government Awarded Oil and Gas Exploration Blocks to Punjab and Balochistan

On Wednesday, the government awarded two exploration blocks to local oil and gas exploration and production companies in Punjab and Balochistan.

The representative of the participating companies, director-general of petroleum concessions, and secretary of petroleum signed the petroleum concessions Agreements and exploration licenses for two blocks. The Energy Minister Mohammad Hammad Azhar joined the signing ceremony.

A joint venture led by Mari petroleum company limited as operator and comprising partners Pakistan oil field limited and spud energy private limited received block no 3068-9 Nareli, Loralai, Balochistan. MCPL, a reputed company owned by the Fauji Foundation and the Government of Pakistan, will have a 39% share and will operate the block. POL will hold 32%, and SEPL will hold 29%.

Furthermore, the joint venture of POL and MCPL also received block no 3372-25 North Dhurnal of Chakwal in Punjab. However, in this block, POL will hold 60% shares and also operate the block, while MCPL will hold 40% shares. It is revealed that international firms also showed intense interest in exploration activities in Pakistan, but local companies acquired all recent blocks.

The allocated for both blocks is $24.32 million for the period of three years. The companies are required to spend a minimum of $30000 per year in each block on social welfare scheme, which would finally generate economic activity in the area.

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