As part of newly signed petroleum concession agreements (PCAs) and exploration licences (ELs), Pakistani petroleum exploration and production firms are preparing for significant investments exceeding $33 million. This development was announced by the nation’s energy ministry, which also highlighted the dedication of different industry participants to bolstering the expansion of Pakistan’s oil and gas industry.
Momin Agha, the secretary of the Petroleum Division; Kashif Ali, the director-general of petroleum concessions; Ahmed Hayat Lak, the CEO of the Oil & Gas Development Company Limited (OGDCL); Shuaib A. Malik, the chairman of Pakistan Oilfields Limited (POL); Sikandar Ali Memon, the COO of Pakistan Petroleum Limited (PPL); and Dr. Nadeem Ahmed, the head of exploration at United Energy Pakistan (UEP), were among the important individuals who signed these agreements.
These agreements cover the following eight blocks: Murradi, Kotra East, Saruna West, Sawan South, Gambat-II, Zindan-II, Multanai, and Sehwan. Over the next three years, these blocks will receive substantial expenditures, with the E&P firms pledging to spend a minimum of $33.3 million on exploration.
The businesses have promised to contribute to the growth of output in the identified blocks and set aside a minimum of $30,000 annually for social welfare initiatives in the corresponding regions. This demonstrates a deeper dedication to CSR and community development within the parameters of their business.
Muhammad Ali, the Minister of Power and Petroleum, expressed hope for the successful results of these agreements while he and other authorities observed the signing ceremony. In addition to strengthening the petroleum industry, he believes that the investments would help Pakistan close the gap between its supply and demand for energy.
