By an OGJ correspondent
KARACHI, Mar. 3 -- Pakistan Monday issued an exploration license for Block 2769-11 (New Block B) to a joint venture of Tullow Oil PLC subsidiary Tullow Pakistan (Developments) Ltd. (operator with 48.181% ownership interest), Oil & Gas Development Co. Ltd. 30%, Pakistan Oilfields Ltd. 14.545%, and Attock Oil Co. 7.2731%. The block, which lies in Prospectivity Zone III, covers an area of 770.29 sq km in Sindh and Punjab provinces.
The JV is obligated to carry out geological and geophysical studies, a 150 line km seismic acquisition, and a 60 sq km seismic acquisition over a 3-year term with a minimum expenditure of $2 million.
Tullow has been involved in oil and gas exploration and production activities of Pakistan since 1990 and has acquired more than 2,000 km of seismic area and drilled 14 exploratory and developments wells.