ISLAMABAD - Petroleum Ministry has signed Exploration Licences (ELs) and Petroleum Concession Agreements (PCAs) with the Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL) for exploring oil and gas resources in the country.
Minister for Petroleum and Natural Resources while talking to the media persons on Monday said that signing on the agreement of seven blocks has been made with OGDCL while signing on five agreements with PPL has also been made earlier. He said signing on the agreements and licences of more 38 blocks would be made during this month while some firms would invest 17 crore and 60lakh dollar as a result to the signing of three more agreements in future with these firms. Similarly, more investment would come with effect to discoveries of new oil and gas resources. He also said that 3 crore cubic feet of gas would be produce during current month from the field of MOL and around 7500 barrel oil and 200 tons of Liquefied Petroleum Gas (LPG) would also be produced from this field.
Over a question pertain to Iran-Pakistan gasline project, the minister reiterated determination to complete the gas pipeline project. He said Pakistan has handed over her plan to brother Iran for consideration and asked Iran to extend the deadline in the wake of sanctions on Iran.
Ministry of Petroleum and Natural Resources on Monday signed agreements with OGDCL and PPL for the award of 12 blocks. These agreements were signed over Block No. 2970-7 (Ladhana), Block No. 3071-4 (Fatehpur), Block No. 2768-11 (Ranipur), Block No. 2469-9 (Armala),
Block No. 3371-17 (Baratai), Block No. 2564-4 (Rasmalan), Block No. 2564-3 and Parkini Block-B with OGDCL and Block No.2864-2 (Nausherwani), 2566-6 (Bela West), 3272-18 (Karsal), 3372-23 (Hisal) and 2870-5 (Sadiqabad) with the PPL.
The Minister who was present on the occasion said that execution of the ELs/ PCAs would not only attract new investment in the petroleum sector but also abridge the gap between energy demand and supply. He said the total area of aforesaid blocks is 22619.3 Sq. Km and minimum firm work commitment is $176m. Apart from minimum work commitment, companies are obligated to spend a minimum of $30,000/year in each block on social welfare schemes.
Ladhana block located in Leiah, Muzaffargarh and Multan districts of Punjab, Fatehpur block is located in Leiah, Muzaffargarh, Khanewal and Multan districts of Punjab, Ranipur block is located in Khairpur, Larkana and Nausharo Firoz districts of Sindh province, Armala block is located in Thar Parker district of Sindh province, Baratai block is located in Kohat district of KPK province, Rasmalan block is located in Pasni, Awaran and Lasbela districts of Balochistan province, Parkini block-B is located in Awaran and Pasni districts of Balochistan province, Nausherwani block is located in Kharan districts of Balochistan, Bela West block is located in Khuzdar, Awaran and Lasbela districts of Balochistan, Karsal block is located in Chakwal district of Punjab Province, Hisal block is located in Attock, Chakwal and Rawalpindi districts of Punjab Province, Sadiqabad block is located in Rahim Yar Khan district of Punjab Province.
It is worth mentioning here that federal petroleum minister Shahid Khqan Abbasi and State Minister Jam Kamal Khan, State Minister for Petroleum & NR and Zahid Muzaffar, Advisor to Ministry of Petroleum & Natural Resources also graced the execution ceremony with their presence. The respective ELs and PCAs were signed by Abid Saeed, Secretary Petroleum and Natural Resources, Saeedullah Shah, Director General Petroleum Concessions, Riaz Khan, Managing Director, OGDCL, Asim Murtaza, Managing Director, PPL and Directors from concerned Provinces.