Sonia Hussain
Member
Pakistani petroleum exploration and production companies are set to invest more than $33 million under new agreements, as announced by the country's energy ministry.
These agreements, known as petroleum concession agreements (PCAs) and exploration licenses (ELs), were signed for eight blocks by various companies, including Oil & Gas Development Company Limited (OGDCL), Pakistan Oilfields Limited (POL), Pakistan Petroleum Limited (PPL), and United Energy Pakistan (UEP).
The minimum investment by these companies for prospecting in these blocks is expected to be over $33.3 million within three years.
The investments aim to develop hydrocarbon reserves and contribute to bridging the energy demand and supply gap in Pakistan. The country heavily relies on costly oil imports as it is only 16.35 percent self-sufficient in oil production.
These agreements, known as petroleum concession agreements (PCAs) and exploration licenses (ELs), were signed for eight blocks by various companies, including Oil & Gas Development Company Limited (OGDCL), Pakistan Oilfields Limited (POL), Pakistan Petroleum Limited (PPL), and United Energy Pakistan (UEP).
The minimum investment by these companies for prospecting in these blocks is expected to be over $33.3 million within three years.
The investments aim to develop hydrocarbon reserves and contribute to bridging the energy demand and supply gap in Pakistan. The country heavily relies on costly oil imports as it is only 16.35 percent self-sufficient in oil production.