MPCL SIGNS AGREEMENT FOR OIL AND GAS EXPLORATION IN MARGALA BLOCK
ISLAMABAD: Mari Petroleum Company Limited (MPCL) has executed an agreement with MOL Pakistan Oil and Gas Co. B.V. for oil and gas exploration in Margala Block, ARY News reported on Monday.
Margala Block with an area of 1,847 sq. km is situated in
the Potohar Basin in the vicinity of Islamabad, the MPCL said in a statement.
The companies under the agreement will collaborate their
resources and efforts to jointly perform exploration activities in Margala
Block, according to the statement.
MPCL shall become a significant Working Interest Owner in
the Petroleum Concession Agreement of the Block along with Pakistan Oilfields
Ltd, and MOL Pakistan as the Operator.
The assignment of working interest shall be subject to the
government’s approval.
“This agreement is part of MPCL’s aggressive strategy not
only to increase its exploration acreage, reserves replacement ratio and
maximizing shareholder’s value but to also meet the country’s increasing energy
demand from indigenous resources and lowering the burden of imported fuels on
the national economy,” according to the press release.
“The MPCL shall be expanding its footprint in Potohar Basin
which also includes Ghauri Block located near Rawalpindi and Jhelum districts,”
the statement added.
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