Mari Petroleum acquires two new exploration blocks

KARACHI: Mari Petroleum Company Limited (MPCL) Board of Directors 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.

Government of Pakistan had invited bids for 10 exploration blocks for grant of exploration rights. Mari Petroleum Company Limited (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/prospectivity, with a combined minimum financial commitment of $45.17 million and working interests as:

  • Wali West Block: MPCL as Operator with 100 percent interest share;
  • Taung Block: MPCL as Operator with 60 percent interest share and Pakistan Oil Fields (POL) with 40 percent interest share.

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_ad id=”32940″]

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