ISLAMABAD: Pakistan has awarded 11 onshore oil and gas exploration blocks in a significant step aimed at accelerating domestic energy exploration and attracting fresh investment.
The agreements for petroleum concessions and exploration licences were signed at a ceremony attended by Federal Minister for Petroleum Ali Pervaiz Malik.
Under the new agreements, an investment of Rs8.66 billion is expected over the next three years for exploration activities, while Rs276 million will be allocated for social welfare initiatives in the respective areas.
The awarded blocks have been granted to leading energy companies, including Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), Mari Energies Limited, Pakistan Oilfields Limited and Prime Global Energies Limited.
Speaking on the occasion, the minister termed the signing of the agreements a major milestone in the government’s efforts to explore indigenous resources and draw investment into the energy sector. He said the development reflected growing investor confidence in Pakistan’s upstream potential.
The minister reiterated the government’s commitment to providing a stable and investor-friendly environment to promote exploration activities, adding that the initiative would create new employment opportunities.
Of the 11 awarded blocks, eight are located in Balochistan, two in Sindh and one in Punjab.
