OGDCL, PPL, POL Secure New Exploration Blocks

The Directorate General of Petroleum Concessions (DGPC) has communicated the provisional award of new exploration blocks to OGDCL, Pakistan Petroleum Limited (PPL), and Pakistan Oilfields Limited (POL). The details of the blocks provisionally awarded are as follows: The bidding round for exploration blocks was held by the government back in November 2023. In a statement, OGDCL said its participation in the bidding round is in furtherance of the company’s strategy and business plan to invest in its core business, accelerate exploratory activities and augment hydrocarbon reserves balance. In a statement, PPL highlighted that 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.