MOL acquires 30% interest in Ghauri block
Farm-out agreement signed with Mari Petroleum Company.
PHOTO: FILE
ISLAMABAD:
MOL Pakistan has signed a farm-out agreement with the Mari Petroleum Company (MPCL) to acquire a 30% interest in the Ghauri exploration block in Pakistan. The transaction is subject to the approval of the Pakistan government.
Ghauri block is in its first exploration phase and the consortium intends to drill the first exploration well this year. Based on evaluations, the potential hydrocarbons are oil and natural gas.
Ghauri block is a promising exploration opportunity and lies close to MOL Pakistan’s Margala blocks. The Ghauri block is operated by MPCL with a 35% interest, while Pakistan Petroleum Limited, another partner, also has a 35% interest. MOL has partnered with MPCL in the Karak block as well.
In a statement issued here, MOL Group CEO József Molnár commented: “In line with the exploration driven growth strategy of MOL, we continuously monitor new upstream investment opportunities [...]We are pleased that we have concluded this deal resulting in the growth of our upstream portfolio. This increases MOL group’s presence in Pakistan, where we had great success in the Tal block, one of the main strategic target areas of the group.”
Juhasz Ferenc, MOL Pakistan MD/CEO, while commenting on this development, said: “The Ghauri block should not only prove a good investment opportunity for the company in Pakistan, but will also strengthen our joint working relations and cooperation with MPCL, a partner and operator of the Karak block.”
Published in The Express Tribune, March 19th, 2013.
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MOL Pakistan has signed a farm-out agreement with the Mari Petroleum Company (MPCL) to acquire a 30% interest in the Ghauri exploration block in Pakistan. The transaction is subject to the approval of the Pakistan government.
Ghauri block is in its first exploration phase and the consortium intends to drill the first exploration well this year. Based on evaluations, the potential hydrocarbons are oil and natural gas.
Ghauri block is a promising exploration opportunity and lies close to MOL Pakistan’s Margala blocks. The Ghauri block is operated by MPCL with a 35% interest, while Pakistan Petroleum Limited, another partner, also has a 35% interest. MOL has partnered with MPCL in the Karak block as well.
In a statement issued here, MOL Group CEO József Molnár commented: “In line with the exploration driven growth strategy of MOL, we continuously monitor new upstream investment opportunities [...]We are pleased that we have concluded this deal resulting in the growth of our upstream portfolio. This increases MOL group’s presence in Pakistan, where we had great success in the Tal block, one of the main strategic target areas of the group.”
Juhasz Ferenc, MOL Pakistan MD/CEO, while commenting on this development, said: “The Ghauri block should not only prove a good investment opportunity for the company in Pakistan, but will also strengthen our joint working relations and cooperation with MPCL, a partner and operator of the Karak block.”
Published in The Express Tribune, March 19th, 2013.
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