Farrakh Qayyum, Secretary, Ministry of Petroleum and Natural Resources, signed the agreement on behalf of President of Pakistan, and Zaheeruddin, Chairman and Chief Executive, on behalf of PEL. The signing was also witnessed by Petroleum Minister Amanullah Khan Jadoon and Muhammad Naeem Mahk, Director-General, Petroleum Concessions (DG, PC).
PEL has committed to invest over $20.71 million on exploration work programme in these blocks. The work entails acquisition of 750 line km, 2-D seismic survey, and drilling of 9 exploration wells in 3 years. PEL has already deposited $300,000 with DG, PC as signature bonus for three blocks.
PEL Chief Executive Zaheeruddin briefed on some of the PEL's on-going projects. He said that PEL has sufficient resources and expertise to exploit the hidden natural resources of the country. He said that PEL was dedicated to work for prosperity and economic wellbeing of the motherland.
He particularly appreciated the investment-friendly policies of the Ministry of Petroleum & Natural Resources, and said that he was confident that positive outlook and helpful disposition of the Ministry would lead the country onto the path of progress and self-sufficiency in the energy sector.
PEL had also awarded a contract to a Chinese company, Bureau of Geophysical Prospecting China (BGP International), to carry out 2-D seismic survey of over 100 line km in Badar mining lease.
PEL has an impressive portfolio of petroleum concessions including five development/production and mining leases, one appraisal licence, 10 onshore exploration licences and three offshore exploration licences. It also holds working interests in Zamurdan Block, operated by OGDC, and Sukkur Block operated by Man Gas.
PEL is presently producing 35 million cubic feet per day (mcfd) natural gas from two of its concession areas, which is about 1 percent of overall natural gas production of the country. It has been granted exploration licence for offshore Indus blocks J, O & P.
Amanaullah appreciated PEL's role in the development of Pakistan's oil and gas sector. He that said it was encouraging that PEL was aggressively engaged in oil and gas search in the province of Sindh. He lauded the efforts of its chairman for accelerating oil & gas exploration activities.