50 blocks were awarded on provisional basis to nine E&P companies. PHOTO: REUTERS
ISLAMABAD:
Ministry of Petroleum and Natural Resources has signed another Petroleum Concession Agreement (PCA) and Exploration Licence (EL) for block number 3370-15 with Oil and Gas Development Company Limited (OGDCL).
“Due to efforts of the ministry and his team and keen interest generated by the investment friendly and attractive policies of the government, 154 wells have been drilled and 45 discoveries have been made so far,” said Federal Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi.
The minister added that oil production in the country had reached 100,698 barrels per day, the highest production level achieved so far.
The Ministry of Petroleum and Natural Resources, after taking all provinces on board in finalising Model Petroleum Concession Agreement (MPCA) and Model Exploration Agreements, awarded 50 blocks on provisional basis to nine E&P companies.
Published in The Express Tribune, January 8th, 2015.
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