Efforts To Attract Investment In The Petroleum Sector To Continue : Omar Ayub Khan

Minister for Petroleum Omar Ayub Khan Thursday said that the Government's reform agenda and efforts to attract investment in the Petroleum Sector should continue

ISLAMABAD, (UrduPoint / Pakistan Point News - 20th Jun, 2019 ) :Minister for Petroleum Omar Ayub Khan Thursday said that the Government's reform agenda and efforts to attract investment in the Petroleum Sector should continue.

He said this while speaking at the signing ceremony of Petroleum Concessions and Exploration Licences (agreements) at the Ministry of Petroleum.

The PCAs and ELs were signed by Mian Asad Hayuddin Secretary Petroleum, Managing Directors of Pakistan Petroleum Limited (PPL) and oil and Gas Development Corporation of Pakistan Limited (OGDCL). Nadeem Babar, Special Assistant to the Prime Minister on Energy also witnessed the signing ceremony, said a press release.

The Government has executed Petroleum Concessions (PCAs) and Exploration Licences (ELs) of critical blocks in Sindh and Balochistan.The agreement were aimed at attracting investment and meeting growing energy requirements of the country.

The details of these PCAs and ELs are Block No.2768-1 (Sorah) that has been executed with PPL, Block No 3069-10 (Musakhel) is a Joint Venture between OGDCL and PPL and 2667-9 (Khuzdar South) with OGDCL.

These blocks are located in the province of Sindh and Balochistan. Sorah Block covers an area of 1151.70 Sq KM's and is located in Sukkur (61.92%) and Khairpur (38.08%). Khuzdar South Block falls in Khuzdar (87.42%) and Dadu (12.58%) districts and covers an area of 2493.36 Sq KM's. Musakhel Blocks is located in Musakhel (94.92%) and Zhob (5.08%) districts. and spans an area of 2176.15 Sq. KM's.

The minimum firm work commitment for these blocks is US $ 13.61 million for a period of three years. The companies entering into agreements would be obligated to spend a minimum of US $ 30,000 per year in each block.