Provisional Award of New Exploration Blocks
On January 26, 2021 Directorate General of Petroleum Concessions communicated the provisional award of new exploration blocks to Mari Petroleum Company Limited (MPCL) (two blocks as an Operator and two as a JV Partner with other E&P Companies).
The blocks have been awarded after competitive bidding, on the basis of work units committed by different E&P Companies in the Block Bidding Round 2020 arranged by the Government. Details of the blocks are as under:
|S#||Block Name||Operator||JV Partner|
|1||Nareli||MPCL (39%)||POL (32%)
Spud Energy (29%)
|2||Sharan||MPCL (60%)||OGDCL (40%)|
|3||Killa Saifullah||OGDCL (60%)||MPCL (40%)|
|4||North Dhurnal||POL (60%)||MPCL (40%)|
Formal award of the blocks is subject to:
- Approval of the acquisition by MPCL Board of Directors
- Execution of Petroleum Exploration Licenses/Petroleum Concession Agreements with the Government
- Execution of Joint Operating Agreements among the respective JV Partners
- Completion of related legal/procedural formalities.
The likely acquisition of aforesaid blocks is in accordance with the Company’s Exploration Business Plan aiming to expand exploration acreage to add new reserves to the Company’s hydrocarbon reserve balance.