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MPCL awarded 4 new exploration blocks
Business
January 28, 2021
KARACHI: The Directorate General of Petroleum Concessions (DGPC) has provisionally awarded four new exploration blocks to Mari Petroleum Company Limited (MPCL) in the latest block bidding round, the company announced on Wednesday.
MPCL has been awarded two blocks as the operator and two as the joint venture partner with other local companies.
The blocks have been awarded after competitive bidding based on work units committed by different E&P companies, in the Block Bidding Round 2020 arranged by the government.
MPCL will hold 39 percent working interest as the operator with partners Pakistan Oilfields Limited (POL) having 32 percent and Spud Energy having a 29 percent stake in Nareli Block in Balochistan.
Mari Petroleum Wins Bids for Four New Exploration Blocks
The Directorate General of Petroleum Concessions (DGPC) has provisionally awarded four new exploration blocks to the Mari Petroleum Company Limited (MPCL).
The DGPC took this decision in the latest block bidding round after competitive bidding based on work units had been submitted by different exploration and production (E&P) companies.
The company announced on Wednesday that two of these blocks have been awarded to the company as the operator, while the other two have been awarded as a joint venture partner with other local companies.
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The MPCL will hold 39 percent working interest as the operator, and the partner companies – Pakistan Oilfields Limited (POL) and Spud Energy – will have 32 percent and 29 percent stakes respectively in Nareli Block in Balochistan.