Pakistan Petroleum : Provisional Award of Four New Blocks
November 08, 2022 at 01:14 am EST
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Our reference: CS/PSX-0218
Your reference:
Date: 8th November 2022
Ms. Asmaa Saleem Malik
Chief Listing Officer
Listing Department
Pakistan Stock Exchange Limited
Stock Exchange Building
Stock Exchange Road
Karachi
Dear Madam,
Re: Provisional Award of Four New Blocks - Shaigalu, South Pishin, Tanishpa, and Lugai
In pursuance of Rule 5.6.1 of your Rules, it is informed that the Company participated in competitive bidding for the award of blocks for exploration which was held by the Government of Pakistan in October 2022.
The Government of Pakistan has provisionally awarded four (4) new blocks (Shaigalu, South Pishin, Tanishpa, and Lugai) to joint ventures of Pakistan Petroleum Limited (PPL), Oil and Gas Development Company Limited (OGDCL) and Mai Petroleum Company Limited (MPCL), of which one block would be operated by the Company. The details of the blocks are tabulated hereunder:
S.
Block
JV Partners
Working
No.
Interest
(i)
Pakistan Petroleum Limited, (Operator)
40%
1
Shaigalu
(ii) Mari Petroleum Company Limited
30%
(iii) Oil and Gas Development Company Limited
30%
(i)
Pakistan Petroleum Limited
35%
2
South Pishin
(ii)
Mari Petroleum Company Limited, (Operator)
37%
(iii) Oil and Gas Development Company Limited
28%
(i)
Pakistan Petroleum Limited
35%
3
Tanishpa
(ii) Oil and Gas Development Company Limited, (Operator)
37%
(iii) Mari Petroleum Company Limited
28%
(i)
Pakistan Petroleum Limited
30%
4
Lugai
(ii) Oil and Gas Development Company Limited, (Operator)
40%
(iii) Mari Petroleum Company Limited
30%
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Pakistan Petroleum Limited
The above arrangements are subject to the execution of respective Petroleum Concession Agreements and grant of Exploration Licenses, execution of Joint Operating Agreements among the respective JV Partners, and completion of related legal/procedural formalities.
The foregoing information may be disseminated to your members.
Pakistan Petroleum Limited published this content on 08 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 November 2022 06:13:07 UTC.
Pakistan Petroleum Limited is a Pakistan-based company that is engaged in exploration, development and production of oil and natural gas resources. The Company's exploration and production portfolio is spread across Pakistan with an international presence in the United Arab Emirates (UAE) and Yemen. It also holds mineral rights in Balochistan through Bolan Mining Enterprises, which is a 50:50 joint operation between the Company and Government of Balochistan. It has a portfolio of around 50 exploration assets of which the Company operates 29, including an offshore Block 5 in Abu Dhabi, UAE while 21 blocks, comprising an onshore concession in Yemen, are operated by joint venture partners. It operates around 16 producing fields across the country at Sui, Adhi, Kandhkot, Chachar, Mazarani, Adam, Adam West, Shadadpur, Shahdadpur West, Shahdadpur East, Zafir, Fazal, Kabir, Hadaf, Dhok Sultan and Benari and holds working interest in 24 partner-operated producing fields, including Qadirpur.
PAKISTAN PETROLEUM LIMITED 
