Islamabad November 8 2022: Directorate General of Petroleum Concessions (DGPC), vide its letters dated November 07, 2022, has communicated the provisional award of four (4) new exploration blocks to Mari Petroleum Company Limited (MPCL), according to company filing to the exchange.
Out of these one block is awarded as an Operator and three blocks as a Joint Venture Partner with Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL).
The blocks have been awarded after competitive bidding on the basis of work units committed by various E&P Companies in the Pakistan E&P Bid Round 2022 (October) conducted by DGPC.
All the four blocks awarded to Mari Petroleum Company Limited (MPCL) are situated in Balochistan Province. MPCL is operator in South Pishin block with stake of 37 percent along with 35% share of PPL and 28% of OGDCL. In Shaigal, Tanishpa and Lugai block MPCL own 30%, 28% and 30% respectively.
The formal award of petroleum rights in the aforementioned blocks is conditional to the following for each of the blocks: 1) Signing of Petroleum Exploration Licenses and execution of Petroleum Concession Agreements with the Government 2) Execution of Joint Operating Agreements among the respective JV Partners 3) Completion of related legal/procedural formalities.
The likely acquisition of aforesaid new exploration blocks is in accordance with the Company’s Exploration Business Plan aimed at expanding its exploration acreage for adding new resources to the Company’s hydrocarbon resource balance.
