Oil and Gas Development Company Limited (OGDCL) has been provisionally awarded two new exploration blocks in Sindh and Punjab, the company stated on Monday.
The E&P company, involved in the exploration and development of oil and gas resources, informed the Pakistan Stock Exchange (PSX) of this development through a notice.
“OGDCL participated in the competitive bidding round for exploration blocks held on June 20, 2023, and has been provisionally awarded two new exploration blocks by the government,” read the notice.
As per the statement, the company has been awarded Sehwan (2667-19) in Sindh and Zindan-II (3271-9) in Punjab. “OGDCL will be the operator in both blocks with 100% working interest,” it said.
The formal award of petroleum rights in the blocks is conditional to the signing of petroleum exploration licenses and execution of petroleum concession agreements with the government, execution of joint operating agreements among the respective JV, and completion of related legal/procedural formalities.
OGDCL said the participation in the bidding round is in furtherance of its strategy to invest in its core business, accelerate exploratory activities and augment hydrocarbon reserves balance.
Facing growing energy demand, Pakistan heavily relies on fossil fuels to power its economy and a major chunk of its import bill comes from the purchase of petroleum products and other fuels.
