Petroleum Ministry Makes Efforts to Attract Foreign InvestorsJune 21, 2019
The government’s reform agenda and efforts to attract investment in the petroleum sector would continue unabated, said the Petroleum Minister, Omar Ayub Khan said on Thursday.
He was speaking at the signing ceremony of Petroleum Concessions and Exploration Licences (agreements) at the Ministry of Petroleum.
The agreements (PCAs and ELs) were signed by Petroleum Secretary, Mian Asad Hayuddin and managing directors of Pakistan Petroleum Limited (PPL) and Oil and Gas Development Corporation of Pakistan Limited (OGDCL).
Special Assistant to the Prime Minister on Energy, Nadeem Babar was also in attendance at the signing ceremony.
The government has executed PCAs and ELs of critical blocks in Sindh and Balochistan, the minister informed, adding that the agreements were signed to attract investment and meet the growing energy requirements of the country.
The details of these PCAs and ELs are Block No.27681 (Sorah) that has been executed with PPL. Block No 306910 (Musakhel) is a joint venture between OGDCL and PPL and 26679 (Khuzdar South) with OGDCL, according to a statement issued by the ministry.
Sorah Block covers an area of 1151.70 sq kms and is located in Sukkur (61.92pc) and Khairpur (38.08pc). Khuzdar South Block falls in Khuzdar (87.42pc) and Dadu (12.58pc) districts and covers an area of 2493.36 sq kms. Musakhel Blocks is located in Musakhel (94.92pc) and Zhob (5.08pc) districts and spans an area of 2176.15 sq kms.
The minimum firm work commitment for these blocks is $13.61 million for a period of three years. The companies entering into agreements would be obligated to spend a minimum of $30,000 per year in each block, the statement further read.
Source Pro Pakistani