Seven new exploration blocks: OGDCL secures provisional award
ISLAMABAD: Oil and Gas Development Company Limited (OGDCL), the country's leading exploration and production company, has been provisionally awarded seven new exploration blocks through a competitive bidding round held by the Government of Pakistan in April 2025.
The Ministry of Energy (Petroleum Division) has communicated the provisional award of new exploration blocks to OGDCL and its joint venture partners, Pakistan Petroleum Limited (PPL), Pakistan Oilfields Limited (POL), Mari Energies Limited (Mari), Government Holdings (Private) Limited (GHPL), Turkish Petroleum Overseas Company (TPOC), and Prime Global Energies Limited (Prime). These blocks have been awarded based on the work units committed by OGDCL and its joint venture partners, subject to formal execution of Exploration Licenses and Petroleum Concession Agreements (PCAs).
OGDCL has secured 100 percent working interest and operatorship in the Kalat North Block located in Balochistan. The company will also operate the Naing Sharif Block in Sindh with a 70 percent working interest, partnered by Prime with a 30 percent share. In Punjab, OGDCL will act as operator of the Khiu-II Block, holding 60 percent working interest, while Mari holds the remaining 40 percent.
OGDCL has also secured a 40 percent working interest in the Ahmad Wal Block in Balochistan, where Mari will serve as the operator with a 60 percent working interest. In the Kalat South Block, also in Balochistan, OGDCL secured a 30 percent share, with PPL acting as the operator with 40 percent interest and Mari holding 30 percent.
In Sindh's Sukhpur-II Block, OGDCL has a 30 percent stake, alongside Prime (25pc, operator), Mari (30pc), and TPOC (15pc). In the Ziarat North block in Balochistan, OGDCL secured a 24.87 percent working interest, with Mari acting as operator with 33.16 percent, and PPL, GHPL, and TPOC holding 24.87 percent, 7.10 percent, and 10 percent respectively.
These awards mark a significant step forward in OGDCL's strategy and business plan to strengthen its core exploration portfolio and accelerate efforts to augment the country's hydrocarbon reserves.
Copyright Business Recorder, 2025
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Recorder
15 hours ago
- Business Recorder
Substandard packaging: PPWSMA calls on govt to curb Atta wastage
ISLAMABAD: The Pakistan Polypropylene Woven Sack Manufacturers Association (PPWSMA) has appealed to the Minister for National Food Security and Research, Rana Tanveer Hussain, to take urgent action to prevent the wastage of wheat flour (Atta) caused by the use of substandard packaging. In a letter addressed to the Minister, PPWSMA Chairman Iskandar Khan highlighted that, according to the Food and Agriculture Organization, over 11 million Pakistanis face acute food insecurity. 'Wheat flour (Atta), as it is commonly known, is the staple food of our nation. For a vast majority of our people, a simple Roti with onions or chilies is often their only meal,' Khan wrote. 'To preserve this essential staple in the daily diet of the common man, it must be packed and distributed in compliant sacks and bags as per the official Gazette notification.' He emphasized that significant losses are occurring due to dusting and spillage from poor-quality, non-food grade sacks—resulting in a cumulative wastage valued at approximately Rs 594 billion. The Minister was reminded of Gazette Notification S.R.O. 46(KE)/2017, issued on May 19, 2017, which mandates the use of PSQCA-licensed, environment-friendly, recyclable, and food-grade polypropylene sacks to reduce losses during handling and transit. According to PPWSMA, failure to implement this notification has led to continuous flour wastage since 2017. Khan argued that the cost difference between non-food grade and food-grade sacks is minimal compared to the potential savings. For example, using compliant bags could save Rs 75 per 20kg sack and Rs 37.50 per 10kg sack—totaling an estimated annual savings of Rs 67.2 billion. 'We seek your assistance in ensuring the enforcement of the Gazette notification to stop this massive wastage of Atta, which directly contributes to food insecurity across the country,' Khan concluded. Copyright Business Recorder, 2025
Business Recorder
15 hours ago
- Business Recorder
WHT regime: Finance Bill will introduce major changes
ISLAMABAD: Finance Bill (2025-26) will introduce major changes in withholding tax regime in budget (2025-26) to generate additional revenue. According to sources, the difference of withholding taxes between filers and non-filers would be further widened from next fiscal year. The heavy reliance on withholding taxes would continue in the next fiscal year. The withholding taxes (collected in sales tax mode) constitute over 70 percent of the direct taxes collection. One of the proposals under consideration is to raise tax rate on interest income. Cash withdrawals from banks: FBR proposes raise in WHT for non-filers The Federal Board of Revenue (FBR) has proposed to raise withholding tax on cash withdrawal from the banks by non-filers from 0.6 percent to 1 to 1.2 percent. Another proposal is to impose 1.5 percent withholding tax on the value of imports. The rates of Withholding Tax on immovable properties are expected to be rationalized in the upcoming budget (2025-26) to facilitate buyers and sellers of real estate sector from July 1 2025. Other proposals under consideration included raise in withholding tax on supplies, services and contracts. Copyright Business Recorder, 2025
Business Recorder
15 hours ago
- Business Recorder
Azma lauds CM's policies: Green herbs available to public at affordable prices
LAHORE: Punjab Information Minister Azma Bokhari has said that for the first time in Punjab's history, green herbs are available to the public at affordable prices ahead of Eid-ul-Adha. She said this is a practical example of Chief Minister Maryam Nawaz's pro-people policies and good governance. According to Bokhari, the Chief Minister ensured that there was no increase in the prices of essential commodities before Eid, nor was there any shortage in the markets. 'This is the first time a Chief Minister has personally monitored the situation round the clock to control prices and activate the market mechanism,' she said. Copyright Business Recorder, 2025
