OGDCL Pakistan to Undertake Offshore Exploration in Arabian Sea

The government Thursday executed an Exploration License (EL) with Government Holdings (Pvt) Limited (GHPL) and Petroleum Production Sharing Agreement with GHPL and Oil & Gas Development Company Limited (OGDCL) over Block No.2267-1 (OffshoreIndus-R), covering an area of 1,492sqkm located in the Arabian Sea. OGDCL will invest an amount of US $ 1.1352 million during the first 2 years of the initial term of the License.

The execution of the new Production Sharing Agreement forms an integral part of the Government’s drive to attract investment into the oil and gas sector to boost Pakistan’s economy by substituting imported oil with indigenous oil and gas production.

PakistanTimes