Pakistan's PPL awarded exploration block in Yemen
Pakistan has permitted Pakistan Petroleum Ltd. (PPL) to get oil and gas exploration rights of Block 27 in Yemen.
By an OGJ correspondent
KARACHI, Apr. 24 -- Pakistan has permitted Pakistan Petroleum Ltd. (PPL) to get oil and gas exploration rights of Block 27 in Yemen.
PPL had already secured rights for Block 29 in Yemen in a joint venture with OMV AG with a minimum financial commitment of $15 million. The JV was awarded the 9,237-sq-km block in northeast Yemen in December 2006. Reserves are estimated at 50 million bbl of oil.
The work program for Yemen's Block 29 involves acquiring 2D seismic, conducting a gravity survey, and drilling one exploration well. The cost of the exploration program is estimated at $35 million.
PPL also qualified to participate in the second field development bidding round launched in December 2008 for exploration and production opportunities in Iraq.
There were 35 companies participating in the first bidding round. PPL was among nine companies to qualify to participate in bidding for 19 fields offered for development the second round by the Iraqi government.