Pakistan awards exploration license to POGC

Pakistan granted a petroleum exploration license to a joint venture of Polish Oil & Gas Co. (95%) and Government Holdings (Pvt.) Ltd., (5%) for Block No 2869-10 (Sabzal South). The companies will spend $4 million on oil and gas exploration covering the 702 sq km block in Rahim Yar Khan district in Punjab province and Sukkur district in Sindh province.

Aug. 27, 2001

By an OGJ Online Correspondent

KARACHI, Aug. 27 -- Pakistan granted a petroleum exploration license to a joint venture of Polish Oil & Gas Co. (95%) and Government Holdings (Pvt.) Ltd., (5%) for Block No 2869-10 (Sabzal South).

The companies will spend $4 million on oil and gas exploration covering the 702 sq km block in Rahim Yar Khan district in Punjab province and Sukkur district in Sindh province.

The parties also signed a petroleum concession agreement.

In the first year, POGC will purchase at least 100 line-km of geological and geophysical data. In the second year, it will conduct a 2D seismic survey of 100 line-km, process and interpret that data, and conduct the acquisition of an unspecified amount of 3D seismic data.

In the third year, POGC will drill one exploration well to 2,500 m TD or to the Lower Goru formation (Cretaceous).