Petroleum Division signed Petroleum Concession Agreements and Exploaration Licences for two Block

 Petroleum Division signed Petroleum Concession Agreements (PCAs) and Exploration Licenses (ELs) over two Blocks today at Islamabad. The signing ceremony was witnessed by Federal Minister Energy, Muhammad Hammad Azhar. The ELs and PCAs was be signed by Dr. Arshad Mahmood, Secretary Petroleum Division.
On the Occasion, the Federal Minister reiterated that the present government has expedited the exploration work on oil and gas in the country to meet the energy needs of the country increasing the hydrocarbon reserves during next few years. He also informed that the execution of the Exploration Licenses and Petroleum Concession Agreements will not only enhance the investment in the petroleum sector but also contribute in the bridging the energy demand and supply gap . He also reaffirmed that the bidding on offshore license would commence in next few months. He also mentioned that in addition to exploration of indigenous resources the government is also endeavoring to establish new terminals for the import of LNG. 
These blocks have been located in the districts of Attock and Loralai. The  work on the Block No. 3068-9 (Nareli) would be carried out with the  Joint Venture of M/s Mari Petroleum Company Limited (MPCL) (Operator) (39%), M/s Pakistan Oilfields Limited (POL) (32%) and M/s Spud Energy Private Limited (SEPL) (29%).While the work on the  Block No. 3372-25 (North Dhurnal)  would be carried out with Joint Venture of M/s POL (Operator) (60%) and MPCL (40. Minimum firm work commitments for both blocks is US $ 24.32 million for the period of three years. Companies are obligated to spend a minimum of US $ 30,000/year in each block on social welfare schemes which would ultimately generate several economic activities in the area and uplift the standard of living of the resident.