Karachi: An oil and gas exploration firm, Mari Petroleum Company Limited (MPCL), has acquired two exploration blocks in Sindh and the tribal areas, with a financial commitment of USD 45.17 million – according to a news source.
Previously, the government had initiated bidding for ten exploration blocks. Mari Petroleum submitted bids for Wali West Block in the tribal areas and Taung Block in Sindh. The company sent a statement to the Pakistan Stock Exchange (PSX), revealing these details, along with its minimum bid notification of PKR 45.17 million.
This resulted in the company’s stocks rising by 2.16%, with 17,000 shares having been traded by the day’s end. MPCL will operate Wali West Block as a 100% shareholder while retaining 60% interest in Taung Block.
Currently, this acquisition is subject to the execution of Petroleum Exploration Licences/Petroleum Joint Concessions and Joint Operating Agreements; as well as the completion of legal formalities in both blocks.
The company aims to add new reserves to Pakistan’s hydrocarbon reserve balance. It has an exploration business plan in place for this purpose.
