The ministry of petroleum and natural resource Friday signed eight more petroleum concession agreements (PCAs) and exploration licenses (ELs) in eight blocks for exploring oil and gas resources in the country.
The total area of these blocks is 18,852.64 sq km and minimum firm work commitment is US $ 60.73 million. Apart from minimum work commitment, companies are obligated to spend a minimum of US $ 30,000 year in each block on social welfare schemes.
The licenses were signed with OMV (Pakistan) Exploration Gesellschaft MBH (OMV) and Pakistan Petroleum Limited (PPL), Oil and Gas Development Company Limited (OGDCL) and Al-Haj Enterprises (Pvt) Ltd (Al-Haj) for Block No.2867-5 (Kuhan) and 2866-4 (Margand) and with M/s block No.3369-1 (Orakzai), 3170-7 (Hetu and 2868-7 (Zorgarh) block No. 2569-5 (Khipro East), block No. 3169-4 (Baska North) and 3271-6 (Potwar South).
Flanked by Minister of State Jam Kamal Khan and Secretary Petroleum Abid Saeed, the minister told media persons that the government was giving high priority to develop indigenous hydrocarbon resources to minimise the demand and supply gap.
