The company will explore oil and gas in 3371-8 Soghri, 3271-3 Mianwali, 3270-6 Wali & 3272-13 Chakral Blocks in Kohat, Attock, Mianwali, Chakwal, Khushab, Lakki Marwat, South Waziristan Agency, Bannu, Rawalpindi and Jehlum districts covering an area of 5,349.80 sq. kms, says an official release.
During phase-I, the company will undertake G&G studies, geological fieldwork, 725 Line Kms seismic acquisition, processing and interpretation. Besides this, OGDCL have also planned four contingent exploration wells. Minimum financial commitment in the said blocks will be over $5.805 million.
OGDCL is currently operator of 36 exploration licences and 39 leases besides having interest in 32 non-operated leases. Currently they are producing 32,323 barrels of oil, 857 million cubic feet of gas, 268M tonnes of LPG and 68M tonnes of sulphur per day.
The execution ceremony was witnessed by Amanullah Khan Jadoon, Federal Minister for Petroleum & Natural Resources. The licences and petroleum concession agreements were signed by Ahmed Waqar, Secretary Petroleum and Natural Resources on behalf of the President of Islamic Republic of Pakistan, Muhammad Naeem Malik, Director General Petroleum Concession and Arshad Nasar, Chairman/Chief Executive Officer of OGDCL. Later presiding over a meeting, the minister directed the OGDCL to intensify oil & gas exploration activities aimed at meeting the growing energy need of the country as well as minimising the oil import bill.