November 8, 2022 (MLN): The Directorate General of Petroleum Concessions (DGPC), has awarded four new exploration blocks to Mari Petroleum Company Limited (MPCL), the company filing on PSX showed today.
In the filing, blocks were awarded to MPCL from which one block is awarded as an operator and three blocks as a joint venture partner with Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL).
Furthermore, the blocks have been awarded after competitive bidding on the basis of work units committed by various E&P Companies in the Pakistan E&P Bid Round 2022 October conducted by DGPC. Details of the blocks are as under:
A formal award of petroleum rights in each of the blocks is conditional upon:
1) Signing of Petroleum Exploration Licenses and execution of Petroleum Concession Agreements with the Government
2) Execution of Joint Operating Agreements among the respective JV Partners
3) Completion of related legal/procedural formalities
Moreover, As part of the Company's Exploration Business Plan, the acquisition of these new exploration blocks would enhance the Company's hydrocarbon resource balance by adding new resources.
Copyright Mettis Link News
Posted on:2022-11-08T10:27:54+05:00
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