Mari Petroleum Co. Ltd. (MPCL) has been awarded four new exploration blocks in Pakistan by the Directorate General of Petroleum Concessions (DGPC) in the Block Bidding Round 2020.
In Nareli block in Baluchistan, MPCL will hold 39% working interest as operator. Partners will be Pakistan Oilfields (POL) with 32% and Spud Energy with 29%.
MPCL will hold 60% working interest as operator in Sharan block in Baluchistan. Oil and Gas Development Co. (OGDC) will hold the remaining 40%.
OGDC will be operator of Killa Saifullah block in Baluchistan with 60%, while MPCL will hold 40%.
POL will operate North Dhurnal block in Punjab with 60%. MPCL will partner with 40%.
Formal award of the blocks is subject to approval of the acquisition by MPCL board of directors; execution of petroleum exploration licenses and petroleum concession agreements with the government; execution of joint operating agreements among the respective partners, and completion of formalities.
DGPC had invited bids for 20 exploration blocks across the country in a bid to attract investment in the energy sector and boost exploration activities to enhance oil and gas production.
Earlier, in its first round DGPC had sought bids for award of 10 exploration blocks to the exploration companies, but the responses did not meet expectations.