MOL Pakistan has signed a farm out agreement with Mari Petroleum Company Limited (MPCL) to acquire 30% interest in the Ghauri exploration block in Pakistan.
MOL has already a well-established presence in TAL Block in KPK and Margala Blocks in northernPakistan. Ghauri block is a promising exploration opportunity, and lies close to MOL Pakistan’s Margala blocks. Ghauri block is operated by MPCL with 35% interest; the other partner Pakistan Petroleum Limited also has 35% interest. MOL is partner with MPCL in Karak block as well, says a press release issued here. Ghauri block is in its first exploration phase and the consortium intends to drill the first exploration well this year. Based on evaluations, the potential hydrocarbon is oil and natural gas. The transaction is subject to the approval of Pakistani government.
József Molnár, Group Chief Executive Officer commented: “In line with the exploration driven growth strategy of MOL, we continuously monitor new upstream investment opportunities. We are proud to deepen our cooperation with MPCL, a well known partner from several projects. We are pleased that we have concluded this deal resulting in the growth of our upstream portfolio. This increases MOL group’s presence in Pakistan, where we had great success in the Tal block, one of the main strategic target areas of the Group. We believe that the exploration wells in Ghauri block will also bring us successes.”
Juhasz Ferenc, the Managing Director/CEO MOL Pakistan commenting on this development said: “This is a great moment of pride and happiness for the Company, that Ghauri block should not only prove a good investment opportunity for the company in Pakistan, but will also strengthen our already joint working relations and cooperation with MPCL, a partner and operator of Karak Block. This would also increase our stakes in Pakistan and we hope to succeed like we have previously.”
