Karachi, 20 February, 2019: Mari Petroleum Company Limited (MPCL) has announced acquisition of two new exploration blocks with an investment of $45.17 mln.
According to an announcement, the MPCL Board of Directors, in its meeting held on February 20, 2019 has approved acquisition of two new blocks, which have been provisionally awarded to the Company, for being the highest bidder, in the latest bidding round arranged by the government.
The Government of Pakistan had invited bids for 10 exploration blocks for grant of exploration rights.
The MPCL submitted bids for two blocks i.e. Wali West Block located mainly in Tribal Areas and Taung Block located in Sindh, based on their potential/prospectively, with a combined minimum financial commitment of $45.17 million and working interests.
At Wali West Block, MPCL will operator with 100 percent interest share, while at Taung Block, MPCL will operator with 60 percent interest share and Pakistan Oil Fields with 40 percent interest share.
However, the acquisition is subject to execution of Petroleum Exploration Licenses/Petroleum Concession & Joint Operating Agreements in respect of both the blocks and completion of related legal formalities.
The aforesaid acquisition of blocks was in accordance with the Company’s Exploration Business Plan aiming to add new reserves to the Company’s hydrocarbon reserve balance, the company said.