The Directorate General of Petroleum Concessions (DGPC) has publicly opened bids for 20 Onshore Blocks for the grant of Petroleum Exploration Rights via open bidding at the Petroleum House, Islamabad, today.
The minimum investment to be carried out by the Exploration and Production (E&P) companies in these blocks for prospecting will be over USD 71 million in three years.
ALSO READ
Pakistan, India, Bangladesh Seek Alternative Fuels as LNG Prices Rise by 1000%
Apart from the E&P activities, the successful companies will also spend over USD 1.3 million in social welfare for the areas of their respective blocks.
For blocks that have discoveries, investments of several hundred million dollars will be made by these companies to develop the production.
The auction of new oil and gas blocks is part of the incumbent government’s strategy to revive the E&P activities in the country that had been ignored by the previous governments.
ALSO READ
Govt Increases Petrol Prices Again Following Huge International Price Hike
The current government aims at lesser reliance on the imports of oil and gas by introducing ease-of-doing-business in the petroleum sector and transparency to ensure a level playing field for all the competitors in the E&P sector.
The onset of the E&P activities will also help to create job opportunities and a possible decrease in the import bill.
