ISLAMABAD, Sept 29: The government on Friday awarded three exploration licences and signed production sharing agreements with Government Holdings (Pvt) Limited and Petroleum Exploration (Pvt) Limited (PEL) over blocks Indus-J, Indus-O and offshore Indus-P.

The execution ceremony was witnessed by Minister for Petroleum and Natural Resources Amanullah Khan Jadoon and Minister of State for Petroleum and Natural Resources Mr Muhammad Naseer Mengal.

The licences and the PSAs were signed by Secretary Petroleum and Natural Resources Ahmad Waqar, Director General Petroleum Concessions Mohammad Naeem Malik, Managing Director GHPL Khurshid Anwer and Petroleum Exploration (Pvt) Limited Chairman and Chief Executive Zaheeruddin.

According to a press release issued here all the three blocks are located in ultra deep waters in the Arabian Sea. During, the first two years an investment of $3.19 million was envisaged.

Petroleum Exploration, is the first Pakistani sector company that is venturing in the capital intensive offshore exploration. PEL holds 11 exploration blocks, eight in onshore and three in offshore area and five leases, whereas the company is producing hydrocarbon from four various fields.