ISLAMABAD – A major development has emerged in the country regarding the advancement of local resources, as successful bids have been received for 23 offshore blocks in the oil and gas exploration round — the first such activity in 20 years.
According to officials, the successful bids cover 23 offshore blocks with a total area of 53,510 square kilometers.
In this initial phase of exploration, an investment of $80 million is expected, which could rise to $1 billion during the drilling stage.
Officials stated that the simultaneous exploration strategy in the Indus and Makran basins has proven successful, reflecting investors’ confidence in the upstream sector.
The successful bidders include OGDCL, PPL, Mari Energies, Prime Energy, Turkish Petroleum, United Energy, Orient Petroleum, and Fatima Petroleum.
