Islamabad. A Petroleum Concession Agreement (PCA) and Exploration License (EL) over Block No-2567-12 (Taung) was signed at the Petroleum Division this morning.
Secretary Petroleum, Mian Asad Hayauddin and DG PC Imran Ahmed signed the agreement on the Government’s behalf with Mr.Shuaib Malik, CEO POL and Lt Gen (R) Ishfaq Nadeem Ahmad, CEO Mari Petroleum Company Limited. Federal Minister for Energy, Omar Ayub Khan and Special Assistant to Prime Minister on Petroleum, Nadeem Babar also witnessed the signing ceremony.
Taung Block covering an area of 150.67 Sq.Kms is located in Jamshoro, Sindh. The minimum firm work commitment for the block is US $ 6.17 million for the period of three years. The Joint Venture would spend a minimum of US $30,000/year on social welfare schemes.
POL and MPCL are leading E and P companies of the country with diversified business activities including Oil, Gas exploration, drilling, field development, production and distribution of hydrocarbons (including natural gas, crude oil, condensate and LPG).
Federal Minister for Energy, Omar Ayub Khan welcomed the execution of the PCA and EL and termed it as a positive development in the continuing reforms in Pakistan’s Energy sector. The SAPM also stated that these efforts will help in setting the stage for further exploration of our natural resources and creating opportunities that can benefit many through increased employment opportunities.