The government on Monday signed Petroleum Concession Agreements (PCAs) and Exploration Licenses (ELs) with the Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL) for exploring oil and gas resources in the country.
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.
Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi who witnessed the ceremony appreciated the hard work of directorate general of petroleum concessions for preparing and finalizing 12 exploration licenses and 12 petroleum concessions agreements within one week after provisional awards.
He further added that these efforts would bear fruit for the country in the form of additional hydrocarbon reserves during next few years. The minister said remaining 38 licenses would also signed this month, which would go a long way in exploring oil and gas resources in the country.