AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Islamabad: Pakistan has awarded eleven onshore blocks for oil and gas exploration. To this respect, a signing ceremony of Petroleum Concession Agreements and Exploration Licences was held in Islamabad with Minister for Petroleum Ali Pervaiz Malik in the presence.
According to Radio Pakistan, the agreements will bring an investment of 8.66 billion rupees in oil and gas exploration activities over the next three years. In addition, 276 million rupees will be spent on social welfare initiatives.
The blocks have been awarded to Oil and Gas Development Company Limited, Pakistan Petroleum Limited, Mari Energies Limited, Pakistan Oilfields Limited, and Prime Global Energies. Of the eleven blocks awarded, eight are located in Balochistan, two in Sindh, and one in Punjab.
Addressing the ceremony, Ali Pervaiz Malik described the signing of the agreements as a significant milestone in the government’s efforts to explore local resources and attract investment. He said the agreements reflect investors’ confidence in the potential of Pakistan’s upstream sector and reaffirmed the government’s commitment to providing a stable and investor-friendly environment for exploration activities.
The Minister said the new investment will also create employment opportunities in the country.