ISLAMABAD: The government has awarded 23 new offshore exploration blocks to three public sector oil and gas producers led by Mari Energies on a provisional basis for three years with investment commitments of about $80 million.

Mari Energies — a joint venture of Fauji Foundation and the federal government and its other entities — has emerged as the leader by securing stakes in all 23 blocks in the bidding round, in which a total of 40 offshore blocks were offered by the government.

The Islamabad-based Mari Energies said that it secured all the 23 blocks, as operator in 18 and as joint venture partner in the remaining five blocks. Mari has 100pc ownership and operatorship in 10 offshore blocks and majority shares along with operatorship of eight others.

Pakistan Petroleum Ltd (PPL) — the country’s oldest producer and Karachi-based state-owned enterprise — secured six blocks as operator and partnership in two others, while the largest producer — Oil and Gas Development Company Ltd (OGDCL), based in Islamabad — was awarded two blocks as operator and six others as joint venture partner.

Mari Energies and partners secure new stakes as govt eyes global investors for next exploration phase

Prime Global........

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