Pakistan awards 4 new exploration blocks to OGDCL
Pakistan’s Oil and Gas Development Company (OGDCL) has been provisionally awarded four new oil and gas exploration blocks in Balochistan by the federal government, the company said on November 8 in a stock exchange filing.
OGDCL will be the operator of two blocks, Lugai and Tanishpa, with 40% and 37% working interest, respectively. The other partners in the blocks are Pakistan Petroleum (PPL) and Mari Petroleum.
The company will have a non-operating partner in the other two blocks, Shaigalu and South Pishin, with 30% and 28% working interest, respectively. Shaigalu block will be operated by PPL and the South Pishin will be operated by Mari.
The formal award is conditional to the signing of petroleum exploration licenses and execution of petroleum concession agreements with the government and execution of joint operating agreements among the respective joint ventures.