Kamran Lashari, Secretary Petroleum and Natural Resources, Mohammad Naeem Malik, Director General (DG) Petroleum Concessions and Aurangzeb Ali Naqvi, CEO OGIL signed the Exploration Licence and Petroleum Concession Agreement on their respective sides.
Addressing the signing ceremony, Federal Minister for Petroleum and Natural Resources Naveed Qamar said that government had awarded 32 exploration licenses to oil and gas exploration companies within a short span of seven months. "Record exploration efforts are being made and within just seven months time the 32nd block license is being signed today," he said.
The minister urged the local as well as multinational companies to come forward to invest in oil and gas sector in Pakistan. "We will welcome local companies and multinationals and encourage working with dedication and zeal," Qamar said, adding that the government top priority was to explore the indigenous resources to meet the country's requirements.
Petroleum Concession Director General Mohammad Naeem Malik said the company will make investment of $5.2 million at the exploration stage. The investment would exceed manifold for a successful discovery, the DG said, adding that Block No 2667-12 (Baran) was mainly located in district Dadu, Sindh (and partially in Lasbela and Khuzdar districts of Balochistan) with an area of 2475.26 sq kms.
Aurangzeb Ali Naqvi, Chief Executive Officer, OGIL maintained that his company would be executing on the programme in three years time. OGIL is a local petroleum exploration and production company. OGIL is also the working interest owner in two exploration blocks namely Jhangara and Safed Koh.