The Ministry of Energy has awarded four new blocks to exploration and production (E&P) companies in different areas of Balochistan. Mari Petroleum Company Limited (Mari), Pakistan Petroleum Limited (PPL), and Oil and Gas Development Company Ltd (OGDCL).
Oil and gas blocks have been granted to exploration and production companies. The blocks will be used for the exploration and development of oil and gas fields. High stakes operators in a block will act as operators in the designated block, while the rest of the companies will be joint-venture partners.
Details of the blocks provisionally awarded to oil exploration companies are:
- South Pishin Balochistan: MARI (37%), PPL (35%), OGDCL (28%).
- Shaigalu Balochistan: PPL (40%), MARI (30%), OGDCL (30%)
- Tanishpa Balochistan: OGDCL (37%), MARI (28%), PPL (35%).
- Lugai Balochistan: OGDCL (40%), MARI (30%), and PPL (30%).
According to the stock filing, the formal award of petroleum rights in the aforementioned blocks is conditional on the following, for each of the blocks: signing of petroleum exploration licenses and execution of petroleum concession agreements with the government; execution of joint operating agreements among the respective JV Partners; and completion of related legal and procedural formalities.