March 4, 2003	Tuesday	Zul Hijjah 30, 1423

ISLAMABAD, March 3: The government on Monday granted a petroleum exploration licence to a four-member joint venture of local and foreign companies over an area of 770.29 sq. kilometre in district Ghotki and Rahimyar Khan of Sindh and Punjab respectively.

The joint venture led by Tullow Pakistan (Developments) Limited with 48.18 per cent shares comprised Oil and Gas Development Company Limited (OGDCL), Pakistan Oilfields Limited (POL) and Attock Oil Company (AOC) with 30 per cent, 14.54 per cent and 7.27 per cent shareholding respectively.

Tullow Pakistan is a subsidiary of Tullow Oil PIc of UK and would operate the concession block No 2769-11. The block falls in prospectivity Zone-III.

The joint venture is obligated to carry out geological and geophysical studies and its reprocessing, 150 line kilometres of 2D and 60 sq. kms of 3D of seismic survey, its processing and interpretation during the Phase 1 of the initial term of three years with a minimum expenditure obligation of around $2 million.

Tullow is an international oil and gas exploration, development and production company with interests in Europe, Africa and Sub-continent and has been actively involved in oil and gas exploration and production activities of Pakistan since 1990.

It has acquired over 2000 km of seismic data and drilled 10 exploratory and four development wells. It has been successful in making five discoveries as an operator.

OGDCL is currently operator of 15 exploration blocks and 25 leases. It produces 24,000 barrels of oil, 800 million cubic feet of gas and 211 tons of LPG per day.

Pakistan Oilfield Limited is one of the oldest Pakistani exploration and production company established in 1950 with Attock Oil Company as the parent company. POL operates nine oil and gas producing fields, in addition to its shares in five non- operated fields. POL’s current gross production is about 10,000 bpd, 42 mmscf gas per day and around 155 tons per day of LPG.

The licence and the petroleum concession agreement were signed by M. Abdullah Yusuf, secretary petroleum and natural resources on behalf of the President of Pakistan, G.A. Sabri, director general petroleum concessions, Dr. Jim McCann, General Manager, Tullow Pakistan (Developments) Limited, Major General Parvez Akmal, managing director OGDCL and Shoaib A. Malik chief Executive Officer, POL and AOC.