MPCL has been Provisionally Awarded Four New Exploration Blocks
Directorate General of Petroleum Concessions vide its letters dated November 07, 2022, has communicated the provisional award of four (4) new exploration blocks to Mari Petroleum Company Limited (MPCL) of 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).
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:
|1.||South Pishin||Balochistan||MPCL (37%)||PPL (35%)
|2.||Shaigalu||Balochistan||PPL (40%)||MPCL (30%)
|3.||Tanishpa||Balochistan||OGDCL (37%)||MPCL (28%)
|4.||Lugai||Balochistan||OGDCL (40%)||MPCL (30%)
The legal and procedural formalities for formal award of petroleum rights in the aforementioned blocks are being undertaken.
The likely acquisition of aforesaid new exploration blocks is in accordance with the Company’s Exploration Business Plan aimed at expanding its exploration acreage for aggressive exploration for adding new resources to the Company’s hydrocarbon resource balance. With this latest addition, the Company’s exploration portfolio will expand to 33 exploration blocks (15 blocks added in the last 2 years). These blocks will add 7,640 sq. km to the existing exploration acreage of the Company, which will reach 65,640 sq. km.