By an OGJ correspondent
KARACHI, Mar. 7 -- Pakistan executed petroleum exploration licenses with Government Holdings (Pvt.) Ltd. (GHPL) and production-sharing agreements with GHPL and Niko Resources Ltd. of Canada over four blocks in the Arabian Sea.
Those blocks included: Offshore Indus North (No. 2466-7), covering 2,466 sq km, Offshore Indus X (No. 2465-3), 2,483 sq km; Offshore Indus Y (No. 2465-4), 2,482 sq km; and Offshore Indus Z (No. 2466-6), 2,489 sq km.
The minimum financial commitment for these blocks is $32.8 million. The companies, however, plan to invest more than $200 million subject to availability of viable structures after conducting seismic survey.
Niko has had considerable success in the subcontinent. It formed a joint venture with Reliance Industries that made India's biggest gas finds off the Vizag coast and is expected to commence production of 2 bcfd in 2008. Niko has 10% working interest in the 1.9 million acre Vizag field (KG-DWN-98/3, Block D6). The block was awarded under India's New Exploration and Licensing Policy-I (NELP-I) bidding, with Reliance as the operating partner.
Separately Niko discovered major reserves of gas and oil in an offshore block near Surat, Gujarat, in 2002. It has major interests in the state of Gujarat where it works with Gujarat State Petroleum Corp.
