Oil and gas: OGDC wins 15 exploration licences
Will invest at least $39m in search of hydrocarbons in allotted blocks.
Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi sees the exchange of documents at the exploration licence, concession agreement signing ceremony. PHOTO: PID
ISLAMABAD:
The government on Friday executed 15 more petroleum concession agreements and exploration licences with the Oil and Gas Development Company (OGDC).
Total area of these blocks is spread over 32,357 square kilometres where at least $39.19 million will be invested. Apart from this work commitment, the company will spend a minimum of $30,000 per year in each block on social welfare schemes.
Petroleum and Natural Resources Minister Shahid Khaqan Abbasi, State Minister for Petroleum Jam Kamal Khan and Adviser to the Ministry of Petroleum and Natural Resources Zahid Muzaffar were present on the occasion.
The Ministry of Petroleum, after taking all provinces on board for finalising a model petroleum concession agreement and model exploration licence, had awarded 50 blocks on provisional basis to nine exploration and production companies on January 21 this year.
Of these, 21 blocks are in Balochistan, 15 in Punjab, six in Sindh and eight in Khyber-Pakhtunkhwa. In February, the ministry signed 28 agreements.
Since the current government took over in June last year, 78 wells have been drilled and 20 discoveries made.
On March 6, oil production in the country crossed 93,600 barrels per day, the highest level achieved so far.
OGDC is a public limited company engaged in exploration and production activities for the last four decades. It has the largest share of 58% and 42% in total oil and gas reserves
in the country respectively.
Its share in oil and gas production is 52% and 27%, respectively.
The company is the operator of 48 exploration licences and has working interest in six other blocks operated by other exploration and production companies.
OGDC is currently producing 43,896 barrels of oil, 1,163 million cubic feet of gas per day, 84 tons of liquefied petroleum gas and 96 tons of sulphur per day.
Published in The Express Tribune, March 22nd, 2014.
The government on Friday executed 15 more petroleum concession agreements and exploration licences with the Oil and Gas Development Company (OGDC).
Total area of these blocks is spread over 32,357 square kilometres where at least $39.19 million will be invested. Apart from this work commitment, the company will spend a minimum of $30,000 per year in each block on social welfare schemes.
Petroleum and Natural Resources Minister Shahid Khaqan Abbasi, State Minister for Petroleum Jam Kamal Khan and Adviser to the Ministry of Petroleum and Natural Resources Zahid Muzaffar were present on the occasion.
The Ministry of Petroleum, after taking all provinces on board for finalising a model petroleum concession agreement and model exploration licence, had awarded 50 blocks on provisional basis to nine exploration and production companies on January 21 this year.
Of these, 21 blocks are in Balochistan, 15 in Punjab, six in Sindh and eight in Khyber-Pakhtunkhwa. In February, the ministry signed 28 agreements.
Since the current government took over in June last year, 78 wells have been drilled and 20 discoveries made.
On March 6, oil production in the country crossed 93,600 barrels per day, the highest level achieved so far.
OGDC is a public limited company engaged in exploration and production activities for the last four decades. It has the largest share of 58% and 42% in total oil and gas reserves
in the country respectively.
Its share in oil and gas production is 52% and 27%, respectively.
The company is the operator of 48 exploration licences and has working interest in six other blocks operated by other exploration and production companies.
OGDC is currently producing 43,896 barrels of oil, 1,163 million cubic feet of gas per day, 84 tons of liquefied petroleum gas and 96 tons of sulphur per day.
Published in The Express Tribune, March 22nd, 2014.